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Inflation expectations among business managers in New Zealand stabilized in the March quarter, the latest quarterly business expectations survey report from the Reserve Bank of New Zealand showed on Tuesday.
Survey respondents more or less retained their expectations for the consumer price index from the last survey, with the average one-year-ahead inflation rate unchanged at 2.1%, while the two-year-ahead inflation rate was slightly revised up to 2.7% from 2.6%.
Respondents also expect the unemployment rate to have fallen to 7.1% by December 2010. A year later, in December 2011, the unemployment rate is expected to have dropped further, to 6.4%. The latest official figure shows an unemployment rate of 7.3%.
Meanwhile, the one-year-ahead hourly earnings growth was revised up to 2.2% from 2.1% in the last survey, while the two-year-ahead earnings growth was revised down to 2.6% from 2.8%.
Further, monetary conditions are expected to be easier than neutral over 2010 by a net 14% of respondents, up from 8% recorded in the last survey.
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