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Spherion worker confidence index hits new low

November 07 2008

Spherion Corp. (NYSE: SFN) said its employee confidence index sunk to a new low in October, falling 5.8 points to a reading of 41.5.

The index's survey found that 77% of workers said the economy is getting weaker, up from 64% in the previous month. The number of workers planning to seek a new job in the next year fell to 31% in October, down five percentage points from September.

On a brighter note, 74% of workers in October said they believe they are unlikely to lose their jobs in the next 12 months. That's down two percentage points from September.

"We are beginning to see the full effects of how the recent financial fallout is affecting worker confidence," said Roy Krause, president and CEO. "The U.S. job market has been shaken, so it is not surprising that workers are feeling less optimistic about the strength of the economy and the availability of jobs."

However, Krause said, opportunities still exist in some parts of the country and in some industries such as education, accounting, healthcare, government and legal services.

The index's survey questioned 2,960 U.S. workers.

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