That is very interesting: HLFS revision

When I was cruising the data freeway that is Stats NZ today I noticed this on pg 15 of the HLFS (which has been revised):

The fourth highlight in the Hot Off The Press that said “Seasonally adjusted total actual hours
worked per week fell by 1.9 percent” now says “…fell by 0.5 percent”.

This is an enormous revision.  Annual growth went from -2.8% to -1.2%.  This should have some impact on people GDP forecasts methinks.

The revision was out on the 20th.  They will have been working on their GDP numbers.  Productivity may have seemed a bit strong – then they discovered this error when checking over the figures.  That is my suspicion here (I know, very conspiracy theorist of me 😉 ).  Very interesting.

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