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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Labour Costs Index YoY fell to 3.4% in July 2024
FMPMonthlyReleased November 2024
New Zealand Labour Costs Index YoY fell to 3.4% in July 2024, released November 2024, down 0.2% from June's 3.6% reading. The reading matched the 3.4% consensus. Labour Costs Index YoY has now declined for 7 consecutive months. Labour Costs Index YoY is now the lowest in 27 months.
Latest Release
3.4
Actual
3.4
Consensus
3.6
Previous
Median Absolute Error
±0.1 percentage points
across last 12 releases
Last Call
Nov 2024
Predicted: 3.4
Actual: 3.4
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 Costs Index YoY (New Zealand) was reported at 3.4% in November 2024. This matched the market consensus of 3.4% exactly. The reading fell from the previous value of 3.6%.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 3.6%, down from the prior three at 4.1%.
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 Current Account (Jun 16) and GDP Growth Rate QoQ (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update November 2024.
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Labour Costs Index YoY - NZ
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About Labour Costs Index YoY — New Zealand
DEFINITION
The Labour Costs Index YoY (Year-over-Year) is a 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 other employee benefits, providing valuable insights into the overall cost of labor for companies. This indicator is often used by economists and investors to assess the health of the labor market and the potential impact on business profitability. A higher Labour Costs Index YoY may indicate rising labor costs and potential inflationary pressures, while a lower index may suggest a more stable labor market.
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 3.4 %, consensus 3.4 %. Prior reading (Apr 2024): 3.6 %. Before that (Jan 2024): 3.8 %.
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.