New Zealand: Labour market has reached a turning point, RBNZ to hike 50 bps – Westpac

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The December quarter labour market surveys were strong if a touch softer than expected. With higher interest rates now weighing on the economy, economists at Westpac think the jobs market has reached a turning point.

“The unemployment rate rose to 3.4%, slightly higher than forecast.”

“While the jobs market is coming from a very strong starting point, there is good reason to expect a deterioration in the years ahead. In contrast, wage inflation remains on the rise, and the turning point is likely to come later.”

“We continue to expect a 0.5% increase in the Official Cash Rate later this month.”

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