Outlook: Glimmer Of Light While Job Fears Rise

For Immediate Release
6 May 2009

Gloomy Outlook Shows Glimmer Of Light While Job Fears Rise

A massive 86% of New Zealanders think the global financial crisis and its impact on New Zealand will get worse with one in three (33%) saying it will get a lot worse or lead to a depression.

These are findings from UMR Research’s most recent survey which is tracking public attitudes to the global financial crisis.

Most (55%) think it will be over a year before the economy picks up again. Even so, there are a good number of optimists with 41% saying it will pick up in less than a year.

Despite the gloomy outlook there is a glimmer of improvement. Back in January 92% thought the global financial crisis and its impact on New Zealand would get worse with 41% saying it would get a lot worse or lead to a depression.

Concern about job losses though have taken a dramatic turn.

“The biggest change since the beginning of the year has been the dramatic rise in the number who think unemployment and jobs is New Zealand’s most important issue. Normally only about 3% rate this as the most important issue, but in the past few months this has shot up to 19% in April. We’ve never recorded it that high before”, a UMR Director Tim Grafton said.

Mr Grafton said the economy remained the biggest issue with 37% rating it as the most important issue, but this was a significant drop from the peak of 43% in December 2008.

Other data from the survey shows more people have cut back on their spending. The most marked changes have been the cut backs to clothes and fashion (52% compared with 45% in January), holidays (46% say they have done this compared with 40% in January) and entertainment (47% compared with 42% in January).

UMR’s fortnightly telephone poll randomly samples n=750 New Zealanders aged 18 years and over. It has a margin of error of +3.6%. The survey on the economic outlook was conducted between 2-14 April 2009.

Global Economic Crisis Update May 09 – Full Report (pdf)

ENDS

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