New report shows continued negative business confidence in Auckland
The number of employers expecting to hire new employees in the next 12 months declined in the latest confidence survey from the Auckland Business Chamber.
Only 32.18% of employers said they were planning to hire new staff in the next 12 months, down from 43% in May 2024.
According to the latest confidence survey, 48.28% of businesses also have no plans to hire more workers, while another 12.64% said they will be reducing their number of employees.
Source: Business Confidence Survey - August 2024
Negative business confidence
The findings come as 66% of employers report negative business confidence, up from 65% in May.
Their top business concerns for the next six months include consumer confidence and demand (64.89%), inflationary pressure and rising interest rates (43.13%), as well as productivity and growth (41.22%).
Fewer than one in 10 employers cited labour market constraints (9.54%) and employment issues (8.40%) as business concerns in the next six months.
Source: Business Confidence Survey - August 2024
Despite this, 43% of businesses said they are expecting New Zealand's economic performance to improve over the next 12 months, a significant increase from 29% in May.
"Despite the overall cautious outlook, there are clear signs of resilience as businesses start to see glimmers of recovery, and there's a growing sense that the worst may be behind us," said Simon Bridges, CEO of the Auckland Business Chamber, in a statement.
