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Spherion index - Worker confidence edges up

April 03, 2009

Spherion Corp.'s (NYSE: SFN) employee confidence index edged in March to a reading of 41.4. The uptick comes after it reached its lowest level since 1967 with a reading of 40.1 in February.

The index's survey found that 68% of U.S. workers in March believed the economy is getting weaker, down from 70% in February. And 78% said they believed fewer jobs were available compared with 79% in February.

It also found 66% of workers feel confident in the future of their current employer, up three percentage points from February.

However, fewer workers in March said it is unlikely they will lose their jobs in the next year, 68%. In February, 65% said the same.

Spherion President and CEO Roy Krause said it wasn't surprising workers are worrying as job losses mount.

"As businesses make adjustments both large and small, it's important to remember that an economic recovery won't happen overnight," Krause said. "It took a few years for our country to get in its current position. The good news is that with every downturn comes an upturn — it's just a matter of when."