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欧博客户端下载:NZ working age population near record low

欧博客户端下载:NZ working age population near record low

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Workers at a construction site in Auckland, New Zealand, on Tuesday, Sept. 13, 2022. Photographer: Fiona Goodall/Bloomberg

WELLINGTON: New Zealand’s working-age population growth remained near a record low in 2022, adding to signs of a persistent labour shortage that could underpin wages and inflation.

The number of residents aged 15 and over who could work rose by 20,200 last year, Statistics New Zealand said. That follows an increase of just 13,000 in 2021, which was the smallest gain since records began in 1987.

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A worker shortage has fanned a record climb in wages as employers pay more to attract and retain labor.

That has triggered a surge in consumer price inflation to a three-decade high, forcing the Reserve Bank of New Zealand (RBNZ) to respond with aggressive interest rate hikes.

The central bank increased the official cash rate (OCR) to 4.25% in November and projected that it would need to rise to 5.5% this year. Investors are betting the OCR will rise to 5% at the next review in February. — Bloomberg


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