Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Continued Annual Growth in Wages

8 February 2005

Labour Cost Index and Quarterly Employment Survey: December 2004 quarter

Continued Annual Growth in Wages

Wages are continuing to show annual growth, according to Statistics New Zealand's Quarterly Employment Survey (QES) and Labour Cost Index (LCI). In the year to December 2004, the LCI salary and wage rates (including overtime) reflected the tight labour market, with a 2.5 percent increase. This is the largest annual increase since the June 1997 quarter.

In the December 2004 quarter, salary and wage rates (including overtime) increased 0.8 percent. In the LCI, salary and wage rates (including overtime) for food, beverage and tobacco manufacturing rose 1.5 percent in the December 2004 quarter. From the December 2003 quarter to the December 2004 quarter, food, beverage and tobacco manufacturing rose 2.9 percent. These are the largest quarterly and annual increases since the series began in the June 2001 quarter.

In the LCI, teaching professionals' salary and wage rates (including overtime) increased 1.9 percent in the December 2004 quarter, reflecting the settlement of collective employment agreements. Annually, teaching professionals' salary and wage rates increased 3.0 percent.

In the QES, continued economic growth was reflected in the annual growth of filled jobs (up 4.6 percent), seasonally adjusted total paid hours (up 4.8 percent), and seasonally adjusted earnings (up 7.0 percent). The annual increase in filled jobs was driven by growth in full-time employment. In the December 2004 quarter, average total hourly earnings remained relatively unchanged, at $20.25, due to total gross earnings and total paid hours increasing at similar rates.

The QES average earnings statistics reflect not only changes in pay rates, but also compositional and other changes in the paid workforce. By comparison, the LCI measures changes in salary and wage rates for a fixed quantity and quality of labour input.

Brian Pink

Government Statistician

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news