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Satish Ranchhod, Senior Economist at Westpac, notes that the Westpac-McDermott Miller Employment Confidence Index for NZ economy fell modestly in the September quarter, dropping 2.9 points to a level of 114.5., but it remains fairly buoyant compared to other measures of confidence.

Key Quotes

“However, what really stands out are workers growing concerns about their incomes. The number of workers reporting a pay increase has fallen to a three year low. Workers have also become very pessimistic about their chances of a pay increase over the coming year.”

“Workers still remain confident about their chances of finding work.”

“Employment confidence has firmed in Otago and the central North Island, but has fallen sharply in the upper North Island, especially in the Waikato.”