December rate hike unlikely - economists

Tuesday 9 November 2004

The Reserve Bank is unlikely to raise interest rates again next month, though wages are expected to keep rising and unemployment may drop below 4 per cent, economists say.

By The Landlord

Statistics New Zealand figures issued today showed wages steadied in the September quarter, as did demand for labour.

The labour cost index rose 0.6 per cent in the September quarter and 2.2 per cent for the year, in line with expectations but close to recent highs.

The quarterly employment survey showed private company ordinary time hourly earnings fell 0.2 per cent in the same quarter, taking the annual growth to 3.3 per cent, lower than expected.

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