New Zealand's annual wage inflation, as measured by the labor cost index, rose by 2.1 percent in the second quarter of 2021, accelerating from a 1.6 percent increase in the prior period. Public sector wages advanced 1.9 percent, up from a 1.8 percent gain in the previous quarter while private sector wages rose 2.2 percent, quickening from 1.6 percent last quarter. On a quarterly basis, wages increased 0.7 percent, following a 0.4 percent rise in the prior period. source: Statistics New Zealand

Labour Costs in New Zealand averaged 942.30 points from 1992 until 2021, reaching an all time high of 1244 points in the second quarter of 2021 and a record low of 699.62 points in the fourth quarter of 1992. This page provides - New Zealand Labour Costs - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Labour Costs - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

Labour Costs in New Zealand is expected to be 1245.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Labour Costs is projected to trend around 1275.00 points in 2022 and 1295.00 points in 2023, according to our econometric models.

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New Zealand Labour Costs


Calendar GMT Actual Previous Consensus TEForecast
2021-05-04 10:45 PM Labour Costs Index YoY Q1 1.6% 1.6% 2.1%
2021-05-04 10:45 PM Labour Costs Index QoQ Q1 0.4% 0.4% 0.4%
2021-08-03 10:45 PM Labour Costs Index YoY Q2 2.1% 1.6% 1.9%
2021-08-03 10:45 PM Labour Costs Index QoQ Q2 0.7% 0.4% 0.5%
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News Stream
New Zealand Labour Costs Rise Further
New Zealand's annual wage inflation, as measured by the labor cost index, rose by 2.1 percent in the second quarter of 2021, accelerating from a 1.6 percent increase in the prior period. Public sector wages advanced 1.9 percent, up from a 1.8 percent gain in the previous quarter while private sector wages rose 2.2 percent, quickening from 1.6 percent last quarter. On a quarterly basis, wages increased 0.7 percent, following a 0.4 percent rise in the prior period.
2021-08-03
New Zealand Wage Inflation Steady at 1.6%
New Zealand's annual wage inflation, as measured by the labour cost index, remained unchanged at 1.6 percent in the first quarter of 2021 compared to the previous period. Public sector wages advanced 1.8 percent, slowing from a 2.0 percent gain in the prior quarter, and private sector wages rose 1.6 percent, accelerating from a 1.5 percent rise last quarter. On a quarterly basis, wages increased 0.4 percent, the same as in the previous quarter.
2021-05-04
New Zealand Salary Growth Loses Steam
New Zealand's annual wage inflation, as measured by the labor cost index, declined to 1.6 percent in the fourth quarter of 2020 from 1.9 percent in the prior period but above market expectations of 1.5 percent. Public sector wages advanced 2.0 percent, down from a 2.6 percent gain in the previous quarter; and private sector wages rose 1.5 percent, slowing down from 1.6 percent last quarter. On a quarterly basis, wages increased by 0.4 percent, losing steam from a 0.6 percent rise in the prior period.
2021-02-02
New Zealand Wage Inflation Slows in Q3
New Zealand's annual wage inflation, as measured by the labor cost index, declined to 1.9 percent in the third quarter of 2020 from 2.1 percent in the prior period and above market expectations of 1.5 percent. Public sector wages advanced 2.6 percent, down from a 3.0 percent gain in the previous quarter; and private sector wages rose 1.6 percent, slowing down from 1.7 percent last quarter. On a quarterly basis, wages increased by 0.6 percent, accelerating from a 0.2 percent rise in the prior period.
2020-11-03

New Zealand Last Unit Reference Previous Highest Lowest
Unemployment Rate 4.00 percent Jun/21 4.70 11.20 3.40
Employed Persons 2778.00 Thousand Jun/21 2750.00 2778.00 1499.00
Unemployed Persons 117.00 Thousand Jun/21 135.00 189.00 69.00
Employment Change 1.00 percent Jun/21 0.60 2.60 -1.80
Labor Force Participation Rate 70.50 percent Jun/21 70.40 71.20 63.00
Labour Costs 1244.00 points Jun/21 1235.00 1244.00 699.62
Productivity 132.01 points Jun/21 129.63 132.01 86.54
Wages 34.80 NZD/Hour Jun/21 34.55 34.80 13.07
Wages in Manufacturing 32.58 NZD/Hour Jun/21 32.34 32.58 12.44
Population 5.11 Million Dec/20 4.95 5.11 2.37
Part Time Employment 564.00 Thousand Jun/21 555.00 564.00 264.00
Youth Unemployment Rate 10.92 percent Jun/21 12.46 15.30 10.30
Full Time Employment 2216.00 Thousand Jun/21 2194.00 2216.00 1177.00
Employment Rate 67.10 percent Mar/21 66.80 68.20 56.40


New Zealand Labour Costs
Labour cost index measures changes in labour costs. These costs include base salary and ordinary-time wage rates, overtime wage rates, and non-wage labour-related costs including annual leave and statutory holidays, superannuation, ACC employer premiums, medical insurance, motor vehicles available for private use and low-interest loans.