Job opportunities still scarce
Households reported continued difficulty in accessing job opportunities. A net 50% of respondents said employment opportunities were “hard to get,” a slight improvement from 52% in March. Expectations for job opportunities in the year ahead declined, with the net figure falling 5.2 points to -24.6.
The report stated that “the number of vacancies has remained at a very low level over the past year,” referencing Ministry of Business, Innovation and Employment job advertisement data.
Limited wage growth expected
A net 3% of respondents said their earnings had increased over the past year, while a net 19% anticipated higher earnings in the year ahead. The report described these levels as historically low. Declining wage growth was attributed to “a growing degree of slack in the labour market,” with inflation now within the Reserve Bank’s target range.
Farm incomes were noted as a possible exception, though the report said regional results offered mixed signals on this point.
Perceptions of job security vary by age
Job security sentiment improved modestly. A net 3% of households expected their jobs to become less secure over the coming year, compared with a net 7% in the previous quarter. The change was largely seen among respondents under 30. The report also highlighted “a rise in the duration of unemployment” as a factor influencing confidence.