Assessing and communicating labour market indicators of inflationary pressure

Christopher Ball
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Christopher Ball: Reserve Bank of New Zealand, http://www.rbnz.govt.nz

No AN2024/01, Reserve Bank of New Zealand Analytical Notes series from Reserve Bank of New Zealand

Abstract: This Note proposes improvements to the methodology that we use to assess labour market indicators of inflationary pressure. These results suggest inflationary pressure from the labour market can be summarised using a narrow set of 4 high-quality indicators consisting of: the job transition rate, the vacancy-unemployment ratio, the unemployment rate, and a business survey measure of labour as a limiting factor for business production. These results also recommend retaining the full set of existing labour market indicators and using a new visualisation method to understand the broader context of the labour market.

Pages: 15 pp.
Date: 2024-03
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Persistent link: https://EconPapers.repec.org/RePEc:nzb:nzbans:2024/01

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