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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Labour Costs Index QoQ fell to 0.6% in Q3 2024
FMPMonthlyReleased November 2024
New Zealand Labour Costs Index QoQ fell to 0.6% in Q3 2024, released November 2024, down 0.3% from June's 0.9% reading. The reading missed the 0.7% consensus by 0.1%. The print is running well below the 12-month average of 0.92%. Labour Costs Index QoQ is now the lowest in 39 months.
Latest Release
0.6
Actual
0.7
Consensus
0.9
Previous
Median Absolute Error
±0.1 percentage points
across last 12 releases
Last Call
Nov 2024
Predicted: 0.7
Actual: 0.6
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 Costs Index QoQ (New Zealand) was reported at 0.6% in November 2024. This missed the market consensus of 0.7% by 0.1%. The reading fell from the previous value of 0.9%.
WHY IT MATTERS
The trailing three releases averaged 0.77%, down from the prior three at 0.97%.
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 12 releases, the Sigmacast model's median absolute error is 0.1%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Employment Change QoQ (Aug 4) and Unemployment Rate (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update November 2024.
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Labour Costs Index QoQ - NZ
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About Labour Costs Index QoQ — New Zealand
DEFINITION
The Labour Costs Index QoQ is a key financial indicator that measures the change in the cost of labor for businesses on a quarterly basis. It provides valuable insights into the overall trends and fluctuations in labor costs, which can have a significant impact on a company's profitability and competitiveness. This index is widely used by economists, investors, and policymakers to assess the health of the labor market and make informed decisions about economic policies and investments.
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 (Jul 2024): actual 0.6 %, consensus 0.7 %. Prior reading (Apr 2024): 0.9 %. Before that (Jan 2024): 0.8 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower 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.
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Economic Calendar - NZ Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 01:00 | NZ | ANZ Business Confidence | 56.1 | 36.6 | 36 | 46.05 | Medium |
| 22:00 | NZ | ANZ Roy Morgan Consumer Confidence | 99.3 | 91.3 | 90.5 | 94.90 | Low |