• Prior was 3.4%
  • Employment change +0.1% vs +0.3% exp
  • Participation rate 71.1% vs 71.2% exp
  • Labour cost index q/q +0.7% vs +0.9% exp
  • Labor cost index y/y +2.8% vs +2.9% exp

The kiwi has dipped on this report. Wage growth slowing and the participation, the details aren't as strong as the headline.