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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Labour Cost Index QoQ climbed to 0.7% in Q2 2026
FMPMonthlyReleased August 2026
New Zealand Labour Cost Index QoQ climbed to 0.7% in Q2 2026, released August 2026, up 0.2% from March's 0.5% reading. The print exceeded the 0.6% consensus by 0.1%. Labour Cost Index QoQ has now risen for 3 consecutive months. Labour Cost Index QoQ is now the highest in 161 months.
Latest Release
0.7
Actual
0.6
Consensus
0.5
Previous
Median Absolute Error
±0.1 percentage points
across last 9 releases
Last Call
Aug 2026
Predicted: 0.6
Actual: 0.7
Error: -0.1
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Moves with | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Moves with | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Labour Cost Index QoQ (New Zealand) was reported at 0.7% in August 2026. This beat the market consensus of 0.6% by 0.1%. The reading rose from the previous value of 0.5%. Trailing 12-month context per ETL data through August 2026.
WHY IT MATTERS
The trailing three releases averaged 0.53%, unchanged from the prior three.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with NZD/USD (Bullish NZD). A secondary relationship exists with NZD/JPY, positively correlated (Bullish NZD). Over the last 9 releases, the Sigmacast model's median absolute error is 0.1%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Current Account (Sep 15) and Current Account (Sep 15).
Auto-generated from current model state · Refreshes on each release · Last update August 2026.
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Labour Cost Index QoQ - NZ
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About Labour Cost Index QoQ — New Zealand
DEFINITION
The Labour Cost Index (LCI) QoQ is a financial indicator that measures the change in the average cost of labor for businesses over a quarter. It takes into account wages, salaries, and other labor-related expenses, providing insight into the overall cost of labor for companies. This index is useful for analyzing trends in labor costs and can help businesses make informed decisions regarding their workforce and budgeting.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 0.7 %, consensus 0.6 %. Prior reading (Jan 2026): 0.5 %. Before that (Oct 2025): 0.4 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with NZD/USD (Bullish NZD, r=0.55) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - NZ Events
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 22:45 | NZ | Electronic Retail Card Spending YoY | 0.2 | 3.4 | 3 | 1.60 | Low |
| 22:45 | NZ | Electronic Retail Card Spending MoM | -0.9 | 1.2 | -0.7 | -0.80 | Low |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 02:35 | NZ | 3-Month Bill Auction | 2.902 | 2.878 | 2.809 | 2.86 | Low |
| 21:00 | NZ | Westpac Consumer Confidence | 80.4 | 82.3 | 76.05 | Low | |
| 22:45 | NZ | Current Account | -1.01 | -2.57 | -2.56 | Medium | |
| 22:45 | NZ | Current Account | -1.01 | -7.5 | -7.49 | Medium | |