Labor cost in New Zealand rose 0.47% in the third quarter of this year compared with a previous 0.3% and it was anticipated to remain at the same prior level. Average hourly earnings jumped 1.7% in 3Q compared with 0.7%, while forecasts referred to 0.5%.

Today's report showed that demand for workers declined, despite the economy expanded 0.1% in the second quarter which is the first expansion since the first quarter last year. Filled jobs declined 0.8% from the second quarter, while it slipped 2.6% from a year earlier and the number or total paid hours rose 0.2%.