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Weekly earnings jump in biggest leap since records began

Author
NZ Herald ,
Publish Date
Wed, 17 Aug 2022, 1:04PM

Weekly earnings jump in biggest leap since records began

Author
NZ Herald ,
Publish Date
Wed, 17 Aug 2022, 1:04PM

A key measure of Kiwi wages and salaries has shot up by its largest margin since records started 24 years ago.

Stats NZ data released today showed median weekly earnings from wages and salaries rose 8.8 per cent in the year to June 30.

According to the income survey, median earnings were now $1189.

Women's median weekly earnings increased by $95 to $1055. As with the overall jump, that increase was the highest for women since the data series started in 1998.

The big rise in median weekly earnings for women coincided with more women working fulltime and fewer part-time, labour market manager Malak Shafik said.

Self-employed people had stagnant incomes, according to today's Stats NZ release.

In the year to the June 30, median weekly income from all sources increased by $78, or 10.1 per cent.

Median income from wages and salaries increased by $96, or 8.8 per cent.

Income from government transfers increased by $31m, or 8.3 per cent.

But income for the self-employed was flat at $767 a week.

The new wage and income data comes at a time of high inflation and low unemployment.

The median wage increase is even greater than a major recent inflation indicator.

The Stats NZ quarterly Consumer Price Index for the three months to June 30 rose to 7.3 per cent.

That was the highest CPI increase since 1990.

Last week, another Stats NZ data release found food prices overall were 7.4 per cent higher last month than in July 2021.

And after reaching a record low for the modern era (post-1985) at 3.2 per cent, the unemployment rate rose only slightly to 3.3 per cent in stats released earlier this month.

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