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.
- 重要性
- Medium
- 发布时间
- Quarterly
- 货币
- NZD · New Zealand dollar
- 中央银行
- The Reserve Bank of New Zealand
最新数据
最新一期（Q3）于 2026-11-03 公布，数值为 2%。 低于 2.1% 的市场预期。 低于上次的 2.1%。
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.
最近 8 次公布中介于 2% 至 2.9%，平均 2.2%。
| 发布时间 | 期限 | 实际值 | 预期值 | 前值 |
|---|---|---|---|---|
| 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% |
为何重要
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.
计算方法
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 − inflation变化意味着什么
- 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.
高于预期：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.
低于预期：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.
简史
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.
问题
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%).
仅供学习参考，不构成投资建议。数据为我们日历记录的已发布结果；所述市场反应为典型情况，并无保证。