The monthly report is out now, with little in the way of surprise.
The report highlights:
- The unemployment rate fell to 4.8%
- Labour force participation declined
- Annual CPI inflation was 1.7%, lower than expectations.
House prices, and sales volumes fell, driven by weaker Auckland activity - Building consents fell slightly in the month but were broadly flat for the quarter.
Dairy export values rose, and Fonterra increased its forecast farmgate milk price for the 2017/18 season - Internationally, the labour market puzzle of low wage growth despite the falling unemployment rate has continued.
Indicators of spare capacity and inflation pressures released in July were mixed, with wage growth and Consumers Price Index (CPI) inflation subdued, but the NZIER's Quarterly Survey of Business Opinion (QSBO) suggesting that labour is more difficult to find and that firms intend to raise prices. Dairy export values continued to increase and Fonterra increased its forecast for the 2017/18 season. Indicators from the housing market
--
NZD not doing much at all. Then again, neither is much else:
