Good news from Statistics NZ:
Median weekly earnings from paid employment rose $44, to reach $924, between the June 2015 and June 2016 quarters, Statistics New Zealand said today. This increase of 5.0 percent was the largest annual increase since the June 2007 quarter. Paid employment includes both wage and salary earners and self-employed people.
“A rise in the proportion of full-time wage and salary earners, and the number of hours being worked, together pushed up median earnings for workers,” labour and income statistics manager Mark Gordon said. Full-time workers (working 30 or more hours) typically have higher weekly and hourly earnings than people in part-time employment.
Workers living in Auckland, Waikato, Gisborne/Hawke’s Bay, and Canterbury received significantly higher median weekly earnings from paid employment than a year ago. In the North Island as a whole, earnings increased 7.0 percent (up to $944 a week), compared with 2.0 percent (to $880 a week) in the South Island.
“While the increase in weekly earnings is similar to that before the 2008 economic downturn, increases in hourly wages were more modest,” Mr Gordon said. “Median hourly earnings from wages and salaries increased 2.9 percent, similar to increases in the past seven years, but well below the 6.1 percent increase 10 years ago.”
A 2.9% increase when the CPI has increased only .4% still puts a lot more money where it matters – in workers’ pockets.