New Zealand Labour cost index (QoQ) below expectations (0.4%) in 1Q: Actual (0.3%)

Growth in NZ employment data for Q1 2015 slowed down to more modest rates, with the employment change coming at 0.7% vs 0.8% consensus and 1.2% prior, the jobless rate standing at 5.8% vs 5.5% exp and 5.7% prior, and the labour cost at 0.3% vs 0.3% vs 0.4% exp and 0.5% prior. The participation rate rose to 69.6% vs 69.4% exp and 69.7% prior. The data follows a more dovish tone by the RBNZ on its last meeting.