NZ: Labour market confidence fell in March - Westpac

Michael Gordon, Senior Economist at Westpac, notes that the New Zealand’s Westpac McDermott Miller Employment Confidence Index fell by 7.1 points to 114.2 in the March 2019 quarter

Key Quotes

“Perceptions about job opportunities were down slightly, though this was in proportion to the recent swings in the unemployment rate.”

“Workers’ views on past and future earnings growth were particularly downbeat. That stands in contrast with employers’ concerns about rising costs and the difficulty of finding workers.”

“Given the tight labour market, we expect some pickup in wage growth over the next couple of years. But today’s survey raises questions about the extent of that pickup.”