The big figure among the suite of labour market figures for the September quarter released on Wednesday is the astonishing annual 8.6% rise in private sector hourly wages. This took place just quarter of an hour after the labour market figures had been released. The unemployment rate has remained remarkably steady at between 3.2% and 3.3% for a full year now. ASB economist Nat Keall said the wage inflation readings were the chief area of focus for most analysts "as we look for evidence a worrying wage-price spiral might be unfolding". Keall said ASB economists saw little prospect for any swift relief in either labour market tightness or wage inflation in the near future.

Source: Stuff November 02, 2022 05:03 UTC