NZ: Employment data to be the highlight next week – Deutsche Bank

In view of analysts at Deutsche Bank, New Zealand’s Q2 labour force figures, due Wednesday, will be the highlight in the week ahead.

Key Quotes

“Reflecting sustained strength in net migration and sustained strength across a range of activity indicators, we expect employment growth to have remained robust in Q2. Our pick is for a 0.9%qoq outturn, and for the unemployment rate to slip down to 4.8%. Given the stubborn weakness in inflation in the Q2 CPI report we will also be paying especially close attention to wages measures in the quarter as well.”

“Building permits for June are due Monday, and we expect to see some paring back after a decent gain in May, along with the ANZ business confidence index for July. The ANZ job ads and commodity price index for July are due Thursday.”