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NZ:Employees see light at end of tunnel, a survey finds

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2/07/2009 - Confidence about employment improved in the June quarter but pessimists continue to outnumber optimists.

The Westpac McDermott Miller Employment Confidence Index rose to 96.1 in the June quarter from 93.2 in the March quarter.

An index number below 100 indicates more pessimists than optimists.

In March the index fell below the 100 level for the first time since the survey began in 2004. The latest survey was conducted between June 2 and June 16.

The current employment situation was still seen as ugly but employees could see the light at the end of the tunnel, Westpac said.

The Current Employment Conditions Index fell to its lowest level in the five-year history of the survey to 77, Donna Purdue, senior economist at Westpac, said.

"However, this quarter there has been a notable shift in sentiment around the outlook for the labour market over the coming year," she said.

The Employment Expectations Index lifted a record 9.9 points in the quarter to 108.8.

This suggested that employees were beginning to focus on the recovery.

The extent to which sentiment has turned regarding future employment conditions was likely to come as a surprise to the Reserve Bank of New Zealand, she said.

Source: AAP NewsWire

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