NEW YORK, NY held steady in January as worker confidence
decreased by only three-tenths of a point to 89.0. Although some
factors contributing to the Index reading improved, worker
confidence remains in line with last month's record low.
Conversely, the Index registered 103.4 one year ago, more than 14
points above the current reading.
Hudson (NASDAQ: HHGP), a leading provider of permanent
recruitment, contract professionals and talent management services
worldwide, publishes the Hudson Employment Index, a monthly measure
of U.S. worker confidence in the employment market.
Beginning this month, the Hudson Employment Index will be
seasonally adjusted. The adjustments will apply to not only the
current and future data, but also the historic figures as well.
That information can be found online at www.hudson-index.com. By
making these changes to the Hudson Employment Index, the data
should more accurately reflect workers' perceptions of the job
market while taking seasonal trends into account. Any questions or
inquiries around the data should be directed to
index@hudson.com.
New Year, Same Financial Uneasiness
Just 11 percent of workers rated their finances as "excellent"
in January, down one point from December. In addition, only 32
percent said their finances were improving, compared to last
month's 33 percent. On the other hand, only 16 percent of workers
rated their finances as "poor," a three-point drop from
December.
The holiday season and its impact on credit card bills
contributed to workers' mixed financial emotions in January. Sixty
percent of workers said that holiday expenses would make it more
difficult than usual for them to pay their bills this month. Only
six percent responded that the holiday season would make bill
paying easier in January, likely as a result of their year-end
bonuses.
"Normally, the New Year brings some renewed optimism among the
work force, but not this year," said Robert Morgan, co-president of
Recruitment and Talent Management, Hudson. "Many workers started
2008 faced not only with holiday expenses straining their budgets,
but also with a shaky economy that is worrying everyone from
politicians to investors alike."
Layoff Expectations Wane in January
Only 16 percent of workers responded that they expected layoffs
at their companies in January, compared to 18 percent in December.
Consistent with this finding, the number of workers worried about
losing their own jobs fell two points to 18 percent. The percent of
workers who said their company had plans to add headcount held at
23 percent.
All Workers All Workers All Workers All Managers
January 2008 December 2007 January 2007 January 2008
------------ ------------- ------------ ------------
Hudson
Employment
Index 89.0 89.3 103.4 96.1
------------ ------------- ------------ ------------
Expected
Hiring 23% 23% 30% 23%
------------ ------------- ------------ ------------
Finances
Improving 32% 33% 42% 36%
------------ ------------- ------------ ------------
Difficulty
Paying Holiday
Bills 60% N/A N/A 58%
------------ ------------- ------------ ------------
*A more detailed data report is available at
www.hudson-index.com.
The unadjusted Hudson Employment Index for January was 90.0.
Next month's data will be released on March 4. Hudson also
publishes the Hudson Report, a quarterly look at employers'
expectations to increase or decrease staff levels in the
Asia-Pacific region. Contact Hudson for additional information.
The Hudson Employment Index
The Hudson Employment Index (www.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-Ft. Worth, Los Angeles, Minneapolis-St. Paul, New
York, Philadelphia, San Francisco, Tampa-St. Petersburg, 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 9,014 working Americans during the month of January. 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 Hudson Employment Index is a service mark owned by
Hudson Highland Group, Inc.
Hudson
Hudson (NASDAQ: HHGP) is a leading provider of permanent
recruitment, contract professionals and talent management services
worldwide. From single placements to total outsourced solutions,
Hudson helps clients achieve greater organizational performance by
assessing, recruiting, developing and engaging the best and
brightest people for their businesses. The company employs more
than 3,600 professionals serving clients and candidates in more
than 20 countries. More information is available at
www.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.
Contact: Sarah Kafenstok Hudson (312) 795-4202 Email Contact
Jamie Hamburg Hudson (312) 795-4210 Email Contact
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