WELLINGTON: New Zealand employee confidence eased from a near-two year high in the third quarter of 2013, as people were less optimistic about their jobs due to a lack of opportunities for jobseekers, a survey showed on Monday.
The Westpac-McDermott Miller employee confidence index fell to 102.8 in the three months to the end of September from 104.2 in the previous quarter.
That followed four consecutive quarters of gains and a climb in the second quarter to its highest since September 2011. A reading above 100 indicates more optimists than pessimists.
The survey showed the number of respondents expecting an improvement in job opportunities over the next year fell to -5.8 percent from -0.2 percent in the previous quarter.
At the same time, wage growth expectations rose for the first time this year, limiting a further slide in the overall index.
"The latest results add to the sense that the improvement in labour market conditions is accruing more to those already in work than to those seeking it," Westpac senior economist Michael Gordon said.
New Zealand's unemployment rate rose to 6.4 percent in the second quarter, as the number looking for work grew faster than the number of jobs created.
The Reserve Bank of New Zealand has said it expects to keep its cash rate at a record low 2.5 percent until the end of this year.
Economists polled by Reuters expect the central bank will start raising rates in the first quarter of next year, most likely in March.
Comments
Comments are closed.