Prior revised to -1.3% from -1.6%

+4.7% y/y (this a 3 month MA basis) from +3.0% in the previous month

ANZ comments:

  • unusually high healthcare ads
  • labour market resilient
  • downbeat business sentiment
  • clouds may be forming over the outlook

On the 'clouds', ANZ pointing to activity expectations declining, along with intentions to hire

NZD down a few pips. We get official jobs data from NZ just 4 times a year (quarterly) so the market does tend to cast around for job market indications such as this one.