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20 Jul 2024 13:07
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  •   Home > News > Business

    Unemployment and job insecurity are starting to bite

    Unemployment and job insecurity are starting to bite


    Westpac-McDermott Miller's reporting a 13 point drop in employment confidence for its June quarter index - the lowest since the first Covid lockdown ended.

    Westpac Senior Economist Michael Gordon says the labour market's typically one of the last factors to respond in an economic cycle.

    He says there's still a way to go before we see unemployment peaking - even with economic growth starting to pick up.

    Michael Gordon says Westpac's forecasting unemployment will peak at 5.5 percent.

    He says right now we're at 4.3 percent - so effectively only halfway through the rise.

    © 2024 Newstalk ZB, NZCity

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     19 Jul: Several banking services across New Zealand are reportedly being affected by outages
     19 Jul: Good news for home-buyers.... BNZ and Kiwibank are following ANZ and Westpac in cutting their advertised home loan and term deposit rates, following Wednesday's drop in CPI inflation
     19 Jul: Businesses are embracing the extension of EFTPOS transaction days
     19 Jul: New data suggests there's increased demand for owning all kinds of small businesses
     19 Jul: Job ads continue to decline, as unemployment rises
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    BUSINESS BUSINESS
    It appears most retailers and supermarkets here are operating as normal again More...



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