A study by the Society for Human Resource Management (SHRM) found that fewer employers expect hiring activity to increase in 2008. Of the 600 firms surveyed, 36% expected hiring activity to increase in 2008. That compares with 43% who expected hiring activity to increase when asked in 2007.

Median pay increases were expected to be 3.3% in 2008, down from the 3.5% in 2007, according to the SHRM survey.