Economic data and event previews - 4 May 2009

Australia and New Zealand - economic data and event previews

New Zealand

NZ private sector wages (%q/q, 1Q) - Wage growth probably moderated in 1Q as labour market conditions continued to ease.
We forecast private sector labour costs to grow 0.6%q/q in 1Q, slowing from 0.7% in 4Q,

NZ employment (%q/q, 1Q) - The jobless rate should have risen to 5.4% in 1Q as employment contracts 1.0%. Business
confidence has been at multi-decade lows, meaning that companies have been reluctant to hire new staff, instead choosing to
shed workers to cut costs.

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