30 Sep 2013

Household confidence in jobs market wanes slightly

12:21 pm on 30 September 2013

Household confidence in the jobs market has waned slightly.

The Westpac-McDermott Miller Employment Confidence Index slipped 1.5 points to 102.8 in the three months to September compared with the previous period, ending four quarters of rises.

A reading above 100 indicates optimism.

While it's still the second highest reading in two years, Westpac says it underscores the slow and halting pace of improvement in the labour market since the recession ended.

The improvement indicates those in work are benefiting more than those searching for a job.

Wage growth and job security have improved over the past year, but employment opportunities remain slim.

Business surveys show firms intend hiring more people, but that has not been reflected in job advertisements or official employment figures as yet.

Westpac Michael Gordon senior economist says it underscores the slow and halting pace of improvement in the jobs market.

Canterbury has reclaimed the top spot as the most confident region, while Wellington is the most pessimistic due to ongoing tight spending.