This week we have learnt that New Zealand's jobs growth remains strong and the unemployment rate is tracking downward, now at 5.4%. But there is not only zero statistical evidence of wages growth accelerating, there is some evidence that it is slowing! Dwelling consent numbers fell 12% in September so some plateauing is happening in that sector. But non-residential consent issuance is rising firmly. In Auckland home listings are falling, sales are falling, but prices are rising at a near 10% pace. Maybe that rate will hold up given rising net migration inflows, a far less concerning interest rate outlook, and in fact falling fixed borrowing costs.