NZ: labour market to have strengthed in Sep - Westpac

Analysts at Westpac explained that they expect the gradual strengthening in the labour market to have continued over the September quarter.

Key Quotes:

• "Both employment and labour force participation are subject to volatility; we expect some payback from their June quarter declines."
• "The unemployment rate provides a steadier gauge of the strength of the jobs market. We expect a small decline to 4.7%, taking it to a new nine-year low."
• "Labour costs will be boosted by the healthcare workers’ equal pay settlement, but we expect a modest pickup in underlying growth as well."
• "The labour market figures are unlikely to dominate the Reserve Bank’s thinking in its next Monetary Policy Statement."