Sharechat Logo

NZ employment confidence has record drop in June quarter

Tuesday 1st July 2008

Text too small?
New Zealand employment confidence in the June quarter had the biggest drop since the Westpac McDermott Miller started the survey in 2004.

The index of employment confidence fell 8 points to 120.8 as New Zealanders became less optimistic about the availability of jobs. An index reading above 100 means optimists still outnumber pessimists.

"Employees are increasingly coming to the realization that the current economic downturn will result in some job casualties," said Donna Purdue, senior economist at Westpac, in a statement.

Some economists predict New Zealand's economy shrank in the first half of the year, as consumer confidence plummeted to the lowest since the last recession in 1991. Some 29,000 jobs were lost in the first quarter, a "shocking employment outturn," Purdue said, citing government figures.

The biggest declines in confidence were in Waikato and the regions of Nelson, Marlborough and West Coast, the survey showed. Confidence stayed relatively high in Canterbury and Southland, and may have been buoyed by record payments to dairy farmers, Purdue said.

Government workers are the most gloomy about the availability of jobs. Public sector anxiety may have been stoked by the prospects of a change of government, McDermott Miller managing director Richard Miller said.

The National Party has vowed to trim the size of the public service.

Workers were more optimistic about their own pay, with 84% saying they earned more or the same than a year ago, from 85% in the March survey.

The survey of 1,556 was conducted From June 1 to June 15 and has a margin of error of 2.5% at 95% confidence.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive
30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete