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May 2010 - Business confidence took a slight dip
Overall business confidence took a slight dip in May but businesses are optimistic about their own outlook according to the Wellington Regional Chamber of Commerce’s latest survey.
Over the next six months a net 56% of respondents expect the New Zealand economy to improve (68% expecting an improvement, 12% deterioration). This is slightly lower than the net 61% recorded last time but it remains relatively high.
When asked about their own activity, respondents were even more optimistic with a net 63% of businesses confident that their own business situation will improve over the next six months (70% expecting improvement, 7% deterioration). This is up from 55% last time.
Consistent with this, the survey shows that businesses are more ready to invest with 30.9% of respondents intending to make a major investment over the next twelve months (24.5% last time).
Employers are also expecting to increase staff numbers, predicting a net increase of 23% in full time employees and a 14% increase in part time employees over the coming months. Both are up from 15% and 10% respectively.
Consistent with this increasing demand, respondents are finding it more difficult to get staff compared with the last survey. A net 1% are finding it easier to find skilled staff (22% easier, 21% harder), compared with 9% last time. The corresponding figures for unskilled staff are 16% this time compared with 36% at the last survey.
Note this survey was taken between 12 and 14 May - before the budget but after the research and development announcement. It is likely that the budget announcement has improved business confidence further.
