New Zealand Treasury Monthly Economic Indicators

New Zealand’s Treasury published its monthly economic indicators report for the month of July, highlighting the following:

The unemployment rate fell to 4.8%

Labour force participation declined

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.