Slow global growth dents India job hopes

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Job optimism of Indians has declined in the last quarter on account of tepid global economic growth, shows a recent report by global information provider Nielsen.

Global consumer confidence findings show Indians' optimism over their job prospects was down 78 percent in the fourth quarter of 2011 as against 81 percent in the previous quarter.

The survey polled more than 28,000 online consumers in 56 countries.

"Though Indians remain optimistic about their jobs, levels of optimism have dropped, not surprisingly, since macroeconomic indicators point towards an overall slowdown of the economy," Nielsen India managing director Justin Sargent said

"The equity markets have been weak and the currency has been devalued considerably adding to the worries of the Indian consumer." India was followed by Indonesia and the Philippines (72 percent), Brazil (71 percent) and China (68 percent).

However, the report also said that 76 percent of Indian respondents are confident about the state of their personal finances compared to 77 percent in the previous quarter.

The report also highlights that Indians continue to be the most confident when it comes to overall consumer confidence levels for the eight consecutive quarter across the globe rising one index point in the fourth quarter over the previous year.

The positivity of consumer sentiment has likely been helped by the recent cooling of inflationary pressure.

Although not ranked among the top countries surveyed, about 19 percent Indians are worried about job security and 16 percent of them think about the impact of the economy on their jobs.

"The Indian consumer is worried about the state of the overall economy. What is seemingly weighing on them is the subsequent possible impact of the economy on their jobs and hence their obvious fiscal prudence shown in their discretionary spends."