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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Labour Cost Index YoY held to 2.0% in January 2026
FMPMonthlyReleased May 2026
New Zealand Labour Cost Index YoY held to 2.0% in January 2026, released May 2026. The reading matched the 2.0% consensus. The print is running well below the 12-month average of 2.16%. Labour Cost Index YoY is now the lowest in 15 months.
Latest Release
2
Actual
2
Consensus
2
Previous
Median Absolute Error
±0.1 percentage points
across last 7 releases
Last Call
Feb 2026
Predicted: 2
Actual: 2
Error: +0
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Bullish NZD | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Bullish NZD | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Bearish AUD | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Bullish NZD | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Labour Cost Index YoY (New Zealand) was reported at 2% in May 2026. This matched the market consensus of 2% exactly. The reading was unchanged from the previous release. Trailing 12-month context per ETL data through February 2026.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 2.1%, down from the prior three at 2.33%.
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 7 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 (Jun 16) and GDP Growth Rate QoQ (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update February 2026.
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Labour Cost Index YoY - NZ
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About Labour Cost Index YoY — New Zealand
DEFINITION
The Labour Cost Index YoY is a key financial indicator that measures the change in the average cost of labor for businesses over a one-year period. It takes into account wages, salaries, and benefits, providing valuable insights into the overall cost of labor and its impact on the economy. This indicator is closely monitored by investors, policymakers, and businesses as it reflects the level of inflation and can influence decisions related to wages, prices, and economic policies. A higher Labour Cost Index YoY indicates an increase in labor costs, while a lower index suggests a decrease, making it a crucial tool for understanding the health of the labor market and the economy as a whole.
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 (Jan 2026): actual 2 %, consensus 2 %. Prior reading (Oct 2025): 2 %. Before that (Jul 2025): 2.1 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with NZD/USD (Bullish NZD, r=0.55) — a useful reference for forex-focused traders.