The wage price index is out and missed consensus for 0.6% March quarter growth at 0.5%. Year on year was on target at 2.1%:
TOTAL HOURLY RATES OF PAY EXCLUDING BONUSES
QUARTERLY CHANGE (DEC QTR 2017 TO MAR QTR 2018)
- The trend and seasonally adjusted indexes for Australia both rose 0.5% in the March quarter 2018. This continued the moderate rate of wage growth recorded by the series over the last two years.
- The Private and Public sector both rose 0.5%, seasonally adjusted.
- The largest rise in indexes at an industry level (in original terms) was recorded in the Education and training industry (0.8%). A number of industries recorded the same lowest rate of wage growth, 0.2%.
ANNUAL CHANGE (MAR QTR 2017 TO MAR QTR 2018)
- The trend and seasonally adjusted indexes for Australia both rose 2.1% through the year to the March quarter 2018. This continues the rate of wage growth recorded in the December 2017 quarter.
- Rises through the year to March quarter 2018 at the industry level (in the original indexes) ranged from 1.4% for Mining to 2.7% for Health care and social assistance.
Going nowhere fast. The Aussie dollar took it poorly:
More to come…