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

 


NZ labour costs rise 0.5% in 4Q on Canterbury rebuild

NZ labour costs rise 0.5% in 4Q as Canterbury rebuild picks up pace

By Paul McBeth

Feb. 5 (BusinessDesk) - New Zealand labour costs rose in line with expectations in the final three months of 2012 as the gathering pace of Canterbury's reconstruction effort saw the building and construction sector underpin gains.

Private sector salary and ordinary time wages rose 0.5 percent in the three months ended Dec. 31, as expected, and maintaining the same pace of growth from a quarter earlier, according to Statistics New Zealand's labour cost index. Public sector wages rose 0.5 percent in the quarter, and including overtime, all salary and wages advanced a quarterly 0.6 percent.

Private sector wages rose at an annual pace of 1.9 percent, and all salary and wages gained 2 percent in 2012.

Canterbury's construction sector led those gains, rising 1.6 percent in the quarter and up 3.9 percent from the same quarter a year earlier. Construction wages across the rest of the country rose a quarterly 0.8 percent and an annual 2.3 percent.

Today's release comes ahead of the household labour force survey on Thursday, which is expected to show the unemployment rate declined 0.2 of a percentage point to 7.1 percent in the December quarter.

The labour market has confounded forecasters, with the headline unemployment rate remaining unexpectedly high, even as the economy shows tentative signs of improving.

The Treasury yesterday said it expects gradual employment growth this year as the Canterbury rebuild picks up momentum and improving business confidence leads to actual hiring.

Statistics NZ's quarterly employment survey, released separately, showed a surprise fall in private sector of 0.4 percent to $25.17 an hour in the quarter. Economists surveyed by Reuters were picking 0.4 percent growth.

The QES showed a 0.4 percent increase in total filled jobs to 1.72 million and a similar gain in full-time equivalent employees to 1.36 million.

Manufacturing, a sector which has been under scrutiny as local plants shut up shop in the face of a strong New Zealand dollar, showed a 0.8 percent gain in total filled jobs to 166,900 and a similar gain in FTEs to 186,700. Still, the sector has lost 0.2 percent FTEs in the year, and 1 percent of total filled jobs.

Construction FTEs climbed 2.6 percent in the quarter to 97,200 with total filled jobs up 2.6 percent to 122,800, while public administration and safety FTEs advanced 5.3 percent to 87,300 with total filled jobs up 4.5 percent at 94,400.

Forestry and mining reported the biggest quarterly decline in jobs, with FTEs falling 4.3 percent to 11,000 and total filled jobs down 5.4 percent to 12,300. Information, media and telecommunications FTEs shrank 3.9 percent in the period to 27,200 and total filled jobs in the sector dropped 4 percent to 30,900.

Total weekly paid hours rose 0.6 percent to a seasonally adjusted 52.1 million in the quarter, turning around a 0.3 percent contraction in the September period. Average weekly paid hours for FTEs' ordinary time shrank 0.2 percent to 37.5 hours.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news