Hudson Employment Index(SM) Drops 2.5 Points in May
NEW YORK, June 1 /PRNewswire/ -- Confidence among U.S. workers weakened in
May as the Hudson Employment Index(SM) declined 2.5 points from 102.4 to 99.9,
due to increased concerns about personal finances, hiring intentions and job
loss. The Index fell below its December, 2003, base of 100.0 for the first
time in its history. The latest reading is also significantly lower than one
year ago, when it was 104.0.
Workers continue to be concerned about their personal finances, as they
have been for the last few months. The percent of workers expecting their
financial situation to improve fell two points in May to 39 percent, while the
number anticipating it would worsen rose two points to 42 percent. More
workers are pessimistic than optimistic about their finances for the first
time in over a year.
Additionally, workers are worried about their firms' hiring plans. Nearly
one-fifth (19 percent) of the workforce expects their organizations to lay off
staff in the coming months, up from 17 percent in March and April. Similarly,
the percent of workers nervous about losing their own jobs rose to its highest
level in more than a year at 22 percent. The number of workers who expect
their firms to hire was essentially unchanged this month.
Despite workers' concerns, optimism continues to climb among managers.
The percent anticipating their companies will hire in the coming months rose
two points to 35 percent, while the percent expecting layoffs dropped a point
to 18 percent. Managers in the private sector were even more bullish as the
number predicting increased hiring climbed from 44 percent last month to 48
percent in May.
"There appears to be a significant divide between workers' and managers'
perceptions when it comes to their employers' hiring plans," said Jeff
Anderson, senior vice president, Hudson, North America. "While government
reports and Hudson's business both indicate that certain sectors are
experiencing a slight increase in layoffs due to seasonal factors, many
industries continue to grow. Management needs to communicate the prospects
for growth and state of their business -- whether positive or negative -- to
keep staff informed and engaged."
Younger workers and those earning less than $40,000 per year also saw a
considerable decline in optimism, with job loss cited as a primary concern
among these two groups.
All Private 20-40K 75-100K Ages Ages
Workers Sector salary salary 18-29 40-49
Managers
Personal finances
getting worse 42% 38% 50% 33% 42% 43%
Expect lay-offs 19% 16% 22% 17% 20% 21%
Concerned about
job security 22% 17% 27% 15% 26% 23%
*A more detailed data report is available at http://www.hudson-index.com.
With the release of the latest Index, Hudson has launched an updated
website with easier access to metro market and industry data. The URL remains
http://www.hudson-index.com.
Hudson, one of the world's leading professional staffing, outsourcing and
human capital solution providers, publishes the Hudson Employment Index, a
monthly measure of U.S. workforce confidence in the employment market. Next
month's Hudson Employment Index will be released on July 6, 2005.
The Hudson Employment Index
The Hudson Employment Index (Hudson-Index.com) measures the U.S.
workforce's confidence in the employment market. Based upon monthly telephone
surveys with approximately 9,000 U.S. workers, the Index tracks aggregate
employment trends around career opportunities, hiring intentions, job
satisfaction and retention. The data is compiled each month by Rasmussen
Reports, LLC, an independent research firm (RasmussenReports.com).
Survey results are segmented by eleven metropolitan cities and four
industries. The metro markets are: Atlanta, Boston, Chicago, Dallas, Los
Angeles, Minneapolis-St. Paul, New York, Philadelphia, San Francisco, Tampa,
and Washington, D.C. Industry sectors surveyed are accounting and finance,
healthcare, information technology, and manufacturing. The Hudson Employment
Index also measures employee confidence by age, gender, race and compensation
levels.
Data reported in this release is based upon a national telephone survey of
9,298 working Americans during the month of May. The margin of sampling error
for a survey based upon this many 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 human
capital solutions worldwide. From single placements to total solutions, the
firm attracts, selects and develops talent to meet the specific business needs
of each client. Global practice areas include Accounting & Finance;
Engineering, Operations & Scientific; Human Resources; IT &
Telecommunications; Legal; and Sales & Marketing.
Hudson is a division of Hudson Highland Group, Inc. (Nasdaq: HHGP) one of
the world's leading professional staffing, retained executive search and human
capital solution providers. More information is available at
http://Hudson.com.
Special Note: Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: Except for historical information contained
herein, the statements made in this release constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve certain risks and uncertainties, including statements
regarding the company's strategic direction, prospects and future results.
Certain factors, including factors outside of our control, may cause actual
results to differ materially from those contained in the forward-looking
statements, including economic and other conditions in the markets in which we
operate, risks associated with acquisitions, competition, seasonality and the
other risks discussed in our Form 10-K and our other filings made with the
Securities and Exchange Commission, which discussions are incorporated in this
release by reference.
SOURCE Hudson
 back to top
Related links:
http://www.hudson.com
http://www.hudson-index.com
CONTACT:
Nikki Leonardi of Hudson, +1-813-890-7521,
nikki.leonardi@hudson.com; or Anshula Ahluwalia of Ogilvy Public
Relations, +1-312-397-6074, anshula.ahluwalia@ogilvypr.com, for
Hudson
|
