The labour market has been a wonderfully contradictory thing - its sheer strength has been both a good news and bad news story for the New Zealand economy. What the RBNZ needs very much then is for some 'spare capacity' to start developing in the labour market. The labour market figures are the most significant remaining piece of economic data ahead of the November 23 OCR review. Much depends on the final shape of the labour market figures. 'Good' news for the workers with a falling unemployment rate and strong wages lift would be not be good news for the RBNZ.

Source: Stuff October 30, 2022 02:20 UTC