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Westpac/McDermott Miller Survey Points To Softer Labour Market

NEW ZEALAND

The Westpac/McDermott Miller NZ labor market survey pointed to softer labor market confidence in Q3. This suggests the NZ unemployment rate will continue to rise. See below for more details.

  • "Employment confidence fell by 7.4 points to 98.3 in the September quarter. This is the first time since March 2021 that households have held a negative view about the labour market."
  • "The decline was mainly due to a drop in perceptions regarding the availability of jobs, which often provides a useful lead on the direction of the unemployment rate."
  • "While the jobs market remains tight, the unemployment rate has risen from its record lows, with growth in demand for labour insufficient to soak up new entrants to the labour force."
  • "Notwithstanding elevated wage growth, respondents’ confidence about earnings growth remains subdued, perhaps because wage increases are barely keeping pace with inflation. "
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