Weakening employment to subdued New Zealand growth (2)

Statistics New Zealand's Quarterly Employment Survey (QES), also out Tuesday, showed subdued demand for labor in the September quarter, with full-time employment down 0.3 percent, contributing to a 0.1-percent fall in the number of full-time equivalent employees.

Meanwhile, a 0.4-percent rise in part-time employment helped raise the number of filled jobs by 0.3 percent.

An Economic Update from the ASB Bank said the moderate rate of wage and unemployment growth was expected.

Wage growth had been very stable for the last couple of years, with the LCI increasing by about 2 percent year-on-year, and the employment indicators looked "fairly weak" compared with the relatively strong June quarter figures, said the update.

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