No pay-rise hopes but workers feel secure

Workers see plenty of jobs and feel secure in the ones they have, but many still do not expect a pay rise.

The Westpac-McDermott Miller employment confidence survey rose in the June quarter to 117.4 points, the fifth quarter in a row where confidence in New Zealand’s employment market improved.

Employment confidence is now at the highest level since 2008, according to the survey.

‘‘New Zealand is now into its eighth year of continued expansion, and the unemployment rate has fallen to the lowest level in a decade,’’ Westpac chief economist Dominick Stephens said, with households reporting more jobs on offer and confidence in the jobs they had.

The picture is in stark contrast to business confidence, which is at about the lowest level since the global financial crisis, according to some surveys.

Employees expected some weakening in job opportunities in the coming year, while most did not expect to see pay increases.

‘‘Despite an extended period of firm economic growth, the number of households who expect their earnings to rise over the coming year remains low.’’

Unemployment in New Zealand fell to 4.4 per cent in the three months to March 31, the lowest level since the end of 2008, with the underutilisation measure also falling.

Meanwhile, another survey showed consumer confidence remains solid.

The ANZ-Roy Morgan consumer confidence survey showed overall confidence fell 1 point to 120 in June, in line with the historic average.

Consumers were more confident than average about the current economy, but were more downbeat about the future.

A net 11 per cent felt better about their financial state than they did a year ago.