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This is a quarterly reading of employment confidence, done by McDemott-Miller for Westpac, and published by Westpac economics.
The Index is based on a survey of a representative sample of 1,500 New Zealand households, and is made up of five component questions.
These are:
Q1: whether people feel that jobs are plentiful or hard to get now;
Q2: what job opportunities will be like in a year's time;
Q3: whether they are earning more or less now compared to a year ago;
Q4: what their earnings will be like in a year's time; and
Q5: how secure they feel in their present job.
Questions 1 to 5 are used in the Employment Confidence Index, while questions 1 and 3 are used to calculate a Current Employment Conditions Index and questions 2, 4 and 5 are used to calculate an Employment Expectations Index.
The Index is intended to provide an indication of the level of job security among NZ workers and their wage expectations, and hence an insight into their willingness to spend.
Over time, it is possible the Index may become a leading indicator for employment growth. However, a significantly longer time series than is currently available will be required before that can be ascertained.
You can contact McDermott-Miller at strategies@mcdermottmiller.co.nz