U.S. Workers Increasingly Pessimistic Regarding Personal Finances Hudson Employment Index(SM) Holds Steady at 102.4
July 05 2006 - 7:00AM
PR Newswire (US)
NEW YORK, July 5 /PRNewswire/ -- After declining in May, U.S.
worker confidence in the employment market held steady in June, as
the Hudson Employment Index(SM) shifted up 0.1 points to 102.4. The
latest Index reading is lower than last June, when it registered
103. This marks the first time since January that the current Index
is lower than the same time last year. Personal Finances Continue
to Weigh on Workers and Managers For three consecutive months,
workers have increasingly described their finances negatively.
Specifically, the number of workers who believed their financial
situation was getting worse has risen to 43 percent, an increase of
four points since March. Also, the number of employees who rated
their finances as poor has climbed from 15 percent in March to 18
percent in June. Nevertheless, 44 percent of workers still rated
their finances favorably, up one-point since May. Confidence among
all managers, including those in the private sector, steadily
declined during the last two months. Similar to reports made by the
general work force, finances have played a significant role while
hiring expectations have not shifted significantly. Employees at
Large Companies More Optimistic While confidence among most
demographics held steady or fell in June, workers at companies with
more than 500 employees were significantly more optimistic this
month than in May. Improved perceptions of personal finances,
heightened job security and increased job satisfaction all
contributed to the rise in confidence for this group. "Larger
organizations are less likely to be affected by the current
softening in the economy," said Steve Wolfe, executive vice
president, Hudson, North America. "These employers can leverage
their resources to financially help their employees by offering
perks such as higher mileage reimbursement, flexible work
arrangements and carpools." Mid-Year Review After a cautious start
to the year, worker confidence was elevated in February, March and
April as record high numbers of employees forecast that their
companies would be hiring. However, financial strains have dampened
optimism in the last couple months and the number of workers
expecting their organization to hire has leveled off. "While the
market is a bit sluggish due to seasonal factors at the moment,
employers will most likely continue hiring at a modest pace for the
remainder of the year," said Wolfe. "However, whether or not hiring
can bolster the impact of rising interest rates and elevated gas
prices is to be seen." Hudson Expected Personal Finances Concerned
Employment Hiring Getting Worse About Index Job Loss All Workers
June 2006 102.4 31% 43% 20% All Workers June 2005 103.0 31% 38% 21%
All Managers June 2006 111.7 34% 39% 18% All Managers May 2006
113.9 23% 36% 17% Workers at Companies with 500+ Employees June
2006 113.5 41% 39% 18% *A more detailed data report is available at
http://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 August 1. 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
(http://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
9,291 working Americans during the month of May. 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 at
http://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. DATASOURCE: Hudson
CONTACT: Sarah Kafenstok of Hudson, +1-312-795-4202, ; Anshula
Ahluwalia of Ogilvy Public Relations, +1-312-397-6074, , for Hudson
Web site: http://www.hudson.com/ http://www.hudson-index.com/
http://www.rasmussenreports.com/
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