Tuesday 2nd August 2011 1 Comment
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Salary and wage rates, which include overtime, increased 1.9 percent in the year to the June quarter, Statistics New Zealand says.
That included a rise of 0.4 percent in the June quarter.
The latest annual increase in the labour cost index (LCI) follows a 1.9 percent rise in the year to the March quarter and a 1.7 percent increase in the year to the December quarter.
After the 2008/09 recession, annual wage rate growth reached a low of 1.5 percent in the year to the March 2010 quarter.
Salary and wage rates for the private sector increased 2 percent in the year to the June quarter, following a 2 percent increase in the year to the March quarter.
Public sector rates rose 1.5 percent in the year to the June quarter, following a 1.4 percent rise in the year to the March quarter.
Fifty-eight percent of salary and ordinary time wage rates in the LCI sample rose in the year to the June quarter, up from 56 percent, 53 percent, and 49 percent in the years to March, December, and September quarters, SNZ said.
The quarterly employment survey (QES), also released today, showed that in the June year, the number of full time equivalent employees remained flat, at 1.33 million, while total paid hours increased 1.6 percent.
For the same period, average total hourly earnings increased 3.1 percent, compared with a rise of 2.6 percent in the March year.
The LCI measures changes in pay rates for a fixed quantity and quality of labour, while the QES is designed to measure quarterly estimates of average hourly and weekly pre-tax earnings, average weekly paid hours, and the number of filled jobs.
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