Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Earnings Up, But Job Prospects Dimming

The Westpac McDermott Miller Employment Confidence Index (ECI) rose by 1.4 points to 99.7 in the December quarter. The Index remains down substantially from its peak of 115.2 in the September quarter of 2022.

“The rise in the ECI this quarter was largely due to a pickup in households’ earnings growth over the past year,” said Westpac Senior Economist Michael Gordon. “However, that was only in the context of some very weak readings in the previous two quarters.”

“We suspect that households remain mindful of the rising cost of living,” said Mr Gordon. “Even those who have managed to secure large pay rises may still feel that they are struggling to get ahead.”

Finding and holding a job remain the biggest concerns for New Zealanders in the survey. “Perceptions about job availability continued to fall in the December quarter,” noted Mr Gordon. “This likely reflects both the decline in vacancies, and increased competition for those roles as net inward migration has surged.”

“Confidence amongst employees working in the public sector remains stable, up just 0.6 points since last quarter at 102.5. In contrast, private sector employees have seen a small rise in confidence from last quarter (98.3, an increase of 2.6 points from September 2023),” observed Imogen Rendall, Market Research Director of McDermott Miller Limited.

“Public sector employees are indicating that they have real concerns regarding their future job security. It will be interesting to see what happens as the year progresses and how this impacts their overall employment confidence,” commented Ms Rendall.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

A full description of the background and specifications of the survey are attached. The survey was conducted over 1-12 December 2023, with a sample size of 1,550. An index number over 100 indicates that optimists outnumber pessimists. The margin of error of the survey is 2.5%.

Acknowledgement

The Westpac McDermott Miller Employment Confidence Index is owned by McDermott Miller Limited. Westpac McDermott Miller should be acknowledged as the source when citing the Employment Confidence Survey and Index. Graphs supplied may be reproduced by the news media provided the Westpac McDermott Miller logo remains inset.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On National Spreading Panic About The Economy


The lure for New Zealand to join the AUKUS military alliance is that membership of only its “second pillar” will still (supposedly) give us access to state of the art military technologies. As top US official Kurt Campbell said during his visit to Wellington a year ago:
...We've been gratified by how many countries want to join with us to work with cutting-edge technologies like in the cyber arena, hypersonics, you can go down a long list and it's great to hear that New Zealand is interested...
More


 
 


Government: Retiring Chief Of Navy Thanked For His Service

Defence Minister Judith Collins has thanked the Chief of Navy, Rear Admiral David Proctor, for his service as he retires from the Royal New Zealand Navy after 37 years. Rear Admiral Proctor will retire on 16 May to take up an employment opportunity in Australia... More


Labour: Grant Robertson To Retire From Parliament
Labour List MP and former Deputy Prime Minister and Minister of Finance Grant Robertson will retire from Parliament next month, and later in the year take up the position of Vice Chancellor of the University of Otago... More

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.