Wages and labour costs · New Zealand
New Zealand Labour Costs Index YoY
The New Zealand Labour Costs Index YoY measures how fast pay, or the total cost of employing people, is rising in New Zealand.
- Важность
- Medium
- Опубликовано
- Quarterly
- Валюта
- NZD · New Zealand dollar
- Центральный банк
- The Reserve Bank of New Zealand
Последние данные
Последняя публикация, за Q3, вышла 2026-11-03; значение: 2%. Это ниже консенсус-прогноза 2.1%. Это ниже, чем 2.1% в прошлый раз.
A lower figure than expected gives the Reserve Bank of New Zealand room to cut or hold rates lower: the New Zealand dollar tends to soften and bond yields to fall.
За последние 8 публикаций значение колебалось от 2% до 2.9%, в среднем 2.2%.
| Опубликовано | Для | Факт | Консенсус | Предыдущее |
|---|---|---|---|---|
| 3 Nov 2026 | Q3 | 2% | 2.1% | 2.1% |
| 4 Aug 2026 | Q2 | 2.1% | 2% | 2% |
| 5 May 2026 | Q1 | 2% | 2% | 2% |
| 3 Feb 2026 | Q4 | 2% | 2% | 2.1% |
| 4 Nov 2025 | Q3 | 2.1% | 2.1% | 2.2% |
| 5 Aug 2025 | Q2 | 2.2% | 2.3% | 2.5% |
| 6 May 2025 | Q1 | 2.5% | 2.7% | 2.9% |
| 4 Feb 2025 | Q4 | 2.9% | 3% | 3.4% |
Почему это важно
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the Reserve Bank of New Zealand hawkish.
Как считается
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationЧто означают изменения
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Выше ожиданий: A higher figure than expected makes the Reserve Bank of New Zealand more likely to keep rates high or raise them: it tends to support the New Zealand dollar and push bond yields up, and is often a weight on stocks.
Ниже ожиданий: A lower figure than expected gives the Reserve Bank of New Zealand room to cut or hold rates lower: the New Zealand dollar tends to soften and bond yields to fall.
Краткая история
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Вопросы
What is the New Zealand Labour Costs Index YoY?
The New Zealand Labour Costs Index YoY measures how fast pay, or the total cost of employing people, is rising in New Zealand.
What was the latest New Zealand Labour Costs Index YoY?
2% for Q3, published on 3 November 2026 (consensus 2.1%, previous 2.1%).
Только образовательный материал, не инвестиционная рекомендация. Цифры — опубликованные результаты в том виде, в каком их записал наш календарь; описанные реакции рынка типичны, но не гарантированы.