Annual wages and labour demand up

Tuesday 9 November 2004

Wages steadied in the September quarter, as did demand for labour, but both gained on an annual basis according to data released by Statistics New Zealand today.

By The Landlord

The Quarterly Employment Survey (QES) showed employment levels remained relatively unchanged from the previous quarter. Average hourly earnings remained steady at $20.31, following on from the 2.2 per cent increase in hourly earnings in the June quarter.

But on an annual basis the QES showed strong growth in total gross earnings, up 7.1 per cent, and total paid hours, up 3.6 per cent, which led to a 2.4 per cent annual increase in average total hourly earnings.

The Labour Cost Index (LCI) increased 0.7 per cent in the September quarter, following on from a 0.6 per cent rise in the June quarter. On an annual basis the LCI showed a 2.2 per cent increase in salary and wages. Overtime wage rates rose 3 per cent over the year.


Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer