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Report - Companies lower hiring expectations

May 28 2008

Hiring expectations for June in both the manufacturing and service sectors are down compared with this time last year, according to the leading indicators of national employment (LINE) report from the Society for Human Resource Management and Rutgers University.

The index's survey found that 49.0% of manufacturers plan to add staff in June while 13.3% intend to make cuts for a net increase of 35.7%. That's down compared to the net increase of 46.8% for June 2007.

New-hire compensation in manufacturing, however, rose for a net increase of 11.4% in May, compared with a net increase of 9.8% in May 2007.

In the service sector, companies projected a net employment increase of 33.0%, a drop from a net increase of 61.2% projected for June 2007.

New-hire compensation in the service sector posted a net increase of 5.9% in May, down from 17.7% in the same month last year.

The LINE report surveys human resources executives at more than 500 manufacturing and more than 500 service-sector firms.

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