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Service sector hiring expectations drop

December 24 2007
Fewer service sector employers plan to increase hiring in January compared with a year ago, while manufacturing hiring is expected to hold steady, according to the leading indicator of national employment index (LINE) report from the Society for Human Resource Management and Rutgers University.

The index's survey found that 34.4% of service sector employers plan to increase staff in January, while 11.5% plan to cut, for a net increase of 22.9%. That's down from a net increase of 41.6% in January 2007.

Manufacturers forecast a net increase in hiring of 28.2% in January, unchanged from a year ago.

Also, new hire compensation fell in both the service sector and manufacturing, according to the report. A net increase of 4.9% of service sector employers increased compensation in December, compared with 10.7% a year ago. In manufacturing, the net increase was 5.6%, compared with 9.8% a year ago.

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

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