INDEPENDENT NEWS

Falling Employment Confidence Further Indication Of Weakening Economy

Published: Wed 27 Sep 2023 02:20 PM
The EMA says the falling employment confidence seen in today's McDermott Miller Employment Confidence survey comes as no surprise given the ongoing economic challenges the country is facing.
EMA Head of Advocacy Alan McDonald says while the employment market remains relatively strong, there are signs it is beginning to weaken as tightening monetary policy begins to take effect.
"The results in today's survey echo the feedback we are getting from our members that things are getting tougher as the economy slows and costs continue to rise. Inevitably, companies will have no choice but to think about their staffing needs as they look to reduce costs.
"We are already getting a steady stream of enquiries through our AdviceLine from members considering their staffing options, while our legal services team are increasingly being asked for advice and support around restructuring proposals."
"While we might not be in a technical recession, for many people it feels like we are. It therefore comes as no surprise that households are also feeling increasingly pessimistic about the economy and the state of the employment market."
McDonald says that no matter the outcome of the election, the incoming Government needs to prioritise and focus on getting the economy back in shape.
"What we need most is stable government working hard to bring inflation down, reducing the costs of doing business and addressing New Zealand's infrastructure deficit.
"While there are no quick fixes, the incoming Government needs to be working hand-in-hand with business and listen to their concerns.
"When business does well, the economy does well and that is good news for everyone because a strong economy supports new jobs, higher wages and an increased ability to spend on social services we all need."

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