Labour market pressures may be easing
12:55PM Monday May 07, 2007

Figures out today on salary and wage rates, and on job numbers, suggest a possible easing in pressure on the labour market.

Statistics New Zealand's (SNZ) Labour Cost Index (LCI) shows salary and ordinary time wage rates up 3.2 per cent in the year to the March 2007 quarter -- the same as recorded in the two previous quarters.

For the March quarter the rise in salary and ordinary time wage rates was 0.6 per cent, down from 0.9 per cent the previous quarter.

Overtime wage rates were up 3.8 per cent in the year to the March quarter, the largest annual increase since the overtime series started in the December 1992 quarter.

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