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6 Aug 2014
Downside risks to NZ employment figures - RBS
FXStreet (Bali) - According to RBS, several survey indicators in New Zealand have turned lower, pointing to downside risks to tonight’s employment figures, due at 22.45 GMT.
Key Quotes
"Quarterly employment growth is due in New Zealand tonight after the markets close in North America. The consensus estimate of a 0.7% q/q employment gain is solid, though below the outsized pace of job gains seen in the previous three quarters."
"However, several survey indicators have turned lower, which may point to downside risks to tonight’s employment figures – the ANZ survey of business opinion dipped from 67.3 in March to 42.8 in June, which at the time was the lowest reading in over a year (the July numbers have since been released and the survey fell to another new 2014-low of 39.7)."
"At the same time, the NZIER business confidence survey plunged 20 points in the second quarter to 32 from just 52 in the first quarter. Finally, ANZ job advertisements also rose just 0.5% q/q in the second quarter, the smallest expansion since advertisements contracted in the second quarter of 2013."
Key Quotes
"Quarterly employment growth is due in New Zealand tonight after the markets close in North America. The consensus estimate of a 0.7% q/q employment gain is solid, though below the outsized pace of job gains seen in the previous three quarters."
"However, several survey indicators have turned lower, which may point to downside risks to tonight’s employment figures – the ANZ survey of business opinion dipped from 67.3 in March to 42.8 in June, which at the time was the lowest reading in over a year (the July numbers have since been released and the survey fell to another new 2014-low of 39.7)."
"At the same time, the NZIER business confidence survey plunged 20 points in the second quarter to 32 from just 52 in the first quarter. Finally, ANZ job advertisements also rose just 0.5% q/q in the second quarter, the smallest expansion since advertisements contracted in the second quarter of 2013."