Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

Westpac McDermott Miller Employment Confidence, December quarter 2021

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9.

This was the sixth straight rise in the index since the Covid-19 lockdown in 2020.

Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions

about current job opportunities. “Even with the Covid restrictions in place over recent months, the number of online job advertisements stayed well above pre-pandemic levels.”

However, fewer households reported a rise in earnings over the past year, and they were less confident about future earnings growth.

“The labour market is set to be one of the most fascinating economic stories of 2022”, said Mr Gordon. “Both workers and businesses recognise that the jobs market is drum-tight at the moment. And while we would expect upward pressure on pay rates to follow, workers aren’t saying that they’re seeing it yet.”

“Wage growth tends to lag the broader economic cycle, so perhaps this is the shoe that’s yet to drop as inflation pressures become more entrenched,” said Mr Gordon.

“Confidence amongst employees working in the public sector has risen again this quarter, up 5.3 points to 115.3. This is in stark contrast to private sector employees whose confidence has dropped 2.2 points to 102.0,” observed Imogen Rendall, Market Research Director of McDermott Miller Limited.

“Those in the private sector continue to be concerned about their personal job security and fewer have reported growth in their earnings over the past year. In comparison, public sector employees see their roles as secure and view their employment conditions both now and in the future in a much more positive light,” commented Ms Rendall.

A full description of the background and specifications of the survey are attached. The survey was conducted over 1-12 December 2021, with a sample size of 1,558. An index number over 100 indicates that optimists outnumber pessimists. The margin of error of the survey is 2.5%.

https://img.scoop.co.nz/media/pdfs/2201/Q4_Employment_Confidence_Dec_2021_Westpac_NZ.pdf

https://img.scoop.co.nz/media/pdfs/2201/ECS_December_2021_Employment_Confidence_Index_Technical_Note.pdf

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Rabuka’s Possible Return In Fiji


Fiji signed onto China’s Belt and Road initiative in 2018, along with a separate agreement on economic co-operation and aid. Yet it took the recent security deal between China and the Solomon Islands to get the belated attention of the US and its helpmates in Canberra and Wellington, and the Pacific is now an arena of major power rivalries...
More>>



 
 

Budget: Climate Investments Provide Path To Economic Security
The Government is investing in New Zealand’s economic security by ensuring climate change funding moves away from short-term piecemeal responses and towards smart, long-term investment... More>>

ALSO:


Budget: Updated My Vaccine Pass For Those Who Want It

New Zealanders who are up-to-date with their COVID-19 vaccinations will be able to download an updated My Vaccine Pass from 24 May, COVID-19 Response Minister Chris Hipkins said today... More>>

Speaker: 2022 Register Of Pecuniary And Other Specified Interests Presented
The 2022 Register of Pecuniary and Other Specified Interests of Members of Parliament was presented in the House today. It contains a summary of members’ interests as at 31 January 2022... More>>



Classification Office: Following Decision To Ban Manifesto The Buffalo Mass Shooting Livestream Is Now Banned
The livestream video of yesterday’s mass shooting in the United States has now been banned, Acting Chief Censor Rupert Ablett-Hampson announced this morning. The decision follows on from his decision yesterday to call in and ban the ‘manifesto... More>>

Borders: New Zealand Poised To Welcome International Students Back
New Zealand is fully reopening to international students and the Government is committed to help reinvigorate and strengthen the sector, Education Minister Chris Hipkins said today... More>>


Inland Revenue: Commissioner Appointed
Deputy Public Service Commissioner Helene Quilter QSO has today announced the appointment of Peter Mersi to the position of Commissioner and Chief Executive, Inland Revenue Department... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels