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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: NZ wage growth seen at peak in Q3, employment eases Reuters - 2 hours 21 minutes ago WELLINGTON, Nov 3 - New Zealand wage costs rose at a record pace in the third quarter, but employment eased as the recession started to be felt keeping on track expectations the central bank will cut interest rates further. The key private sector labour cost index rose 1.1 percent on during the July-September period, compared with economists' forecasts of a 0.8 percent rise in a Reuters poll, and a 0.7 percent rise in the previous quarter. "The third quarter was probably the peak for both labour costs and inflation and, with the country clearly in recession, it won't stop them from cutting rates further," said Su-Lin Ong, senior economist at RBC Capital Markets. Both the New Zealand dollar <NZD=> and debt were unchanged after the data, with the kiwi last trading around $0.5849/57. Last month, the Reserve Bank of New Zealand cut interest rates by a record one percentage point to 6.5 percent, its third reduction since July, to support an economy in recession and being buffeted by global financial turmoil. Fourteen of 16 economists surveyed by Reuters expect the central bank to cut rates by another 50 basis points at its Dec. 4 review, with one expecting no change and another a 75 basis point cut. At last month's rate cut RBNZ Governor Alan Bollard said labour costs were one of the key factors keeping domestic inflation "stubbornly high", but said further easing was likely . Statistics New Zealand said the annual rate of wage growth was 3.7 percent, compared with the 3.4 percent forecast by economists. The rise in the LCI was lead by higher wages in the health, community group and local government sectors, the government agency said. The quarterly employment survey, released at the same time, showed seasonally adjusted filled jobs fell 0.6 percent following a 1.7 percent rise in the previous quarter, while total paid hours decreased 1.5 percent, driven by plant closures and redundancies in meat and dairy industries. "The falls in hours worked and filled jobs also point to a weak labour report on Thursday," said Ong. The third quarter jobs data, due on Nov. 6, is expected to show the jobless rate rising to 4.3 percent, with employment set to shrink 0.6 percent or more than 12,000 jobs, according to a Reuters poll. A survey of businesses by the New Zealand Institute of Economic Research last month showed a net 11 percent shed staff in the September quarter, while a net 7 percent planned to cut staff over the next three months. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China should pursue stable monetary policy-lawmakerReuters - 45 minutes ago Seoul shares open higher, but banks continue fallsReuters - 53 minutes ago S.Korean won down 2 pct on weak export dataReuters - 57 minutes ago Mt Gibson raising cash after customer defaultsReuters - 57 minutes ago HKMA says injected HK$2.813 bln into market FriReuters - 1 hour 17 minutes ago Most Popular – Business Viewed Obama and McCain hurtle into final 48 hours Australian F1 race posts record financial loss Hamilton pips Massa to Formula One title in tense Brazil finale Australia anxious as Indonesia prepares to execute Bali bombers Hamilton says he is not feeling the strain View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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