The Westpac McDermott Miller Employment Confidence Index increased in the June quarter to its highest level in nearly two years, indicating the labour market is strengthening.The index increased 4.5 points between the March and June 2010 quarters to 108.2
The Westpac McDermott Miller Employment Confidence Index increased in the June quarter to its highest level in nearly two years, indicating the labour market is strengthening.
The index increased 4.5 points between the March and June 2010 quarters to 108.2. This is the highest since the September 2008 quarter when the index was at 121.2. An index above 100 indicates there are more optimists than pessimists.
"At current levels, employment confidence is consistent with a stable to falling unemployment rate over the next couple of quarters," Westpac senior economist Donna Purdue said.
"Employees' long-held optimism toward the future remains firmly intact, but this quarter that optimism has been enhanced by a sharp rise in perceptions of current employment conditions," she said.
A net 48.5 percent of respondents believe jobs are hard to get in the latest survey, down from a net 60 percent in the March survey.
As a result, the Current Conditions Index rose from 77.1 in March to 85.2. This is the steepest increase since the survey began in 2004.
A net 19.3 percent of respondents said they expect job opportunities to be plentiful this time next year, up from 14.3 percent in the March quarter, and a record high for the survey.
Perceived job security in the next 12 months also lifted during the quarter.
