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Treasury: Monthly Economic Indicators July 2017

Treasury: Monthly Economic Indicators July 2017


The Monthly Economic Indicators report for July 2017 is now available on the Treasury website: http://bit.ly/2ufcveV

• The unemployment rate fell to 4.8% as labour force participation declines.
• Annual CPI inflation was 1.7%, lower than expectations.
• House prices, and sales volumes fell, driven by weaker Auckland activity. Building consents fell slightly in the month but were broadly flat for the quarter.
• Dairy export values rose, and Fonterra increased its forecast farmgate milk price for the 2017/18 season.
• Internationally, the labour market puzzle of low wage growth despite the falling unemployment rate has continued.

Special topic: Adjusting for level shifts in labour market data

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