New Zealand's annual wage inflation, as measured by the labor cost index in the private sector, grew by 3.4 percent in the second quarter of 2022, quickening from a 3.1 percent rise in the prior period. It was the steepest increase in wages since late-2008. On a quarterly basis, wages increased 1.3 percent, following a 0.7 percent increase in the previous quarter. source: Statistics New Zealand

Labour Costs in New Zealand averaged 957.99 points from 1992 until 2022, reaching an all time high of 1291 points in the second quarter of 2022 and a record low of 706.43 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 September of 2022.

Labour Costs in New Zealand is expected to be 1265.00 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 1295.00 points in 2023, according to our econometric models.

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New Zealand Labour Costs



Calendar GMT Actual Previous Consensus TEForecast
2022-08-02 10:45 PM Labour Costs Index QoQ Q2 1.1% 0.8% 1.5%
2022-08-02 10:45 PM Labour Costs Index YoY Q2 3.4% 3.0% 4.5%


Related Last Previous Unit Reference
Unemployment Rate 3.30 3.20 percent Jun 2022
Unemployed Persons 96.00 94.00 Thousand Jun 2022
Employed Persons 2820.00 2820.00 Thousand Jun 2022
Employment Change 0.00 0.00 percent Jun 2022
Labor Force Participation Rate 70.80 70.90 percent Jun 2022
Labour Costs 1291.00 1275.00 points Jun 2022
Productivity 129.80 127.41 points Jun 2022
Wages 37.04 36.24 NZD/Hour Jun 2022
Wages in Manufacturing 35.25 34.17 NZD/Hour Jun 2022
Population 5.12 5.10 Million Dec 2021
Full Time Employment 2297.00 2277.00 Thousand Jun 2022
Employment Rate 68.50 68.60 percent Jun 2022
Youth Unemployment Rate 9.10 9.59 percent Jun 2022
Part Time Employment 525.00 547.00 Thousand Jun 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
1291.00 1275.00 1291.00 706.43 1992 - 2022 points Quarterly
2009Q2=1000, NSA

News Stream
New Zealand Wages Rise the Most since 2008
New Zealand's annual wage inflation, as measured by the labor cost index, rose by 3.4 percent in the second quarter of 2022, quickening from a 3 percent rise in the prior period. It was the steepest increase in wages since late-2008, as public sector wages advanced 3 percent, up from a 2.7 percent gain in the previous quarter and private-sector wages rose 3.4 percent, accelerating from 3.1 percent. On a quarterly basis, wages increased 1.1 percent, following a 0.8 percent increase in the previous quarter.
2022-08-02
New Zealand Salary Growth Accelerates
New Zealand's annual wage inflation, as measured by the labor cost index, rose by 3 percent in the first quarter of 2022, accelerating from a downwardly revised 2.6 percent increase in the prior period. Public sector wages advanced 2.7 percent, up from a 2.3 percent gain in the previous quarter while private-sector wages rose 3.1 percent, quickening from 2.8 percent. On a quarterly basis, wages increased 0.8 percent, following a downwardly revised 0.6 percent rise in the prior period.
2022-05-03
New Zealand Labour Costs Rise Further
New Zealand's annual wage inflation, as measured by the labor cost index, rose by 2.8 percent in the fourth quarter of 2021, accelerating from a 2.4 percent increase in the prior period. Public sector wages advanced 3.1 percent, up from a 2.0 percent gain in the previous quarter while private-sector wages rose 2.5 percent, quickening from 2.2 percent last quarter. On a quarterly basis, wages increased 0.7 percent, following a 0.8 percent rise in the prior period.
2022-02-01