NEW YORK, August 30, 2006 - The Hudson Employment IndexSM rose one point to 102.9 in August, a moderate increase albeit the most substantial since May. Nominal improvements in workers´ perceptions of their finances and job satisfaction contributed to the increase, yet were tempered by a decrease in hiring expectations. The latest reading is nearly five points above last August, when the Index registered 98.2.
Specifically, the number of workers happy with their job rose to 75 percent in August, up one point from July. The current findings are substantially higher than one year ago when only 72 percent of employees were happy at work. Also, only 15 percent of the work force reported their companies would be reducing headcount this month, down one point from July and down three points from last year at this time. While 21 percent of workers were worried about job loss last August, only 19 percent reported that to be a concern this year.
Personal finance situations improved slightly as well. After five consecutive months of negative movement or insignificant change, the number of workers who reported their finances were improving rose two points to 40 percent in August. "This year has not been easy on employees´ wallets,�? said Steve Wolfe, senior vice president, Hudson. "However, workers were given a reprieve in August, when the Fed took a break from raising interest rates and energy prices eased.�?
Conversely, the number of workers expecting their employer to hire in the coming months fell from 32 percent in July to 31 percent this August. This still fares better than last August, when only 30 percent expected their employers to increase headcount.
"Even a small decrease in expected hiring can be distressing initially. However, workers seem to be seeing positive signs in other areas,�? added Wolfe. "Most importantly, we are finding fewer concerns relating to job security hinting that although hiring may be experiencing a slow down, employees do not yet think the market has taken a significant turn for the worse.�?
In addition to the tempered rise in overall worker confidence, other demographics also reported improved sentiment. Workers in the manufacturing and accounting & finances sectors, those between 50-64 years old, and employees in Texas all reported dramatic improvements in confidence. Managers also were more optimistic in August.
All Workers August 2006 All Workers July 2006 All Workers August 2005 All Managers August 2006
Hudson Employment Index 102.9 101.9 98.2 112.8
Expected Layoffs 15% 16% 18% 16%
Concerned about Job Loss 19% 19% 21% 18%
Finances Getting Better 40% 38% 39% 46%
*A more detailed data report is available at www.hudson-index.com.
Hudson, one of the world´s leading professional staffing, outsourcing and talent management solutions providers, publishes the Hudson Employment Index, a monthly measure of U.S. worker confidence in the employment market. Results are not seasonally adjusted. Next month´s Hudson Employment Index will be released on October 4.
The Hudson Employment Index
The Hudson Employment Index (Hudson-Index.com) is based on monthly telephone surveys with approximately 9,000 U.S. workers. The Index tracks aggregate employment trends regarding career opportunities, hiring intentions, job satisfaction and retention. The data is compiled each month by Rasmussen Reports, LLC, an independent research firm (www.RasmussenReports.com).
Survey results are segmented by 11 cities: Atlanta, Boston, Chicago, Dallas, Los Angeles, Minneapolis-St. Paul, New York, Philadelphia, San Francisco, Tampa, and Washington, D.C. The Index surveys five occupational sectors: accounting and finance, health care, information technology, manufacturing and legal. The Hudson Employment Index also measures employee confidence by age, gender, race and compensation.
Data reported in this release is based on a national telephone survey of 9,244 working Americans during the month of August. The margin of sampling error for a survey based on this number of interviews is approximately /-1 percent with a 95 percent level of confidence. The data is not seasonally adjusted. It will be reviewed at year-end to determine if seasonal adjustments are appropriate. The Hudson Employment Index is a service mark owned by Hudson Highland Group, Inc.
Hudson
Hudson delivers specialized professional staffing, outsourcing, and talent management solutions worldwide. From single placements to total solutions, the firm helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses.
Hudson is a division of Hudson Highland Group, Inc. one of leading professional staffing, retained executive search and talent management solutions providers. The company employs more than 3,800 professionals serving clients and candidates in more than 20 countries through its Hudson and Highland Partners businesses. More information is available atwww.hudson.com.
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