Payroll employment (Mar.) and Balance of Payments (Q1)

March's business payroll figures showed an encouraging 0.8% m/m gain in average weekly earnings and a respectable 48,950 gain in employment. Even so, given the previous declines in payroll employment, we estimate that first-quarter growth in wages and salaries was cut in half, to 2.2% annualised from 4.4% in the previous quarter.

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