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Hiring expectations cool for October

September 26 2007

Both manufacturers and service sector firms project slower hiring this October than during the same period last year, according to the leading indicator of national employment index (LINE) report from the Society for Human Resource Management and Rutgers University. Hiring is reported to be rising the slowest since the monthly report began four years ago for manufacturing and three years ago for the service sector.

According to the index's survey, 55.4% of manufacturers plan to increase their staffs in October while 17.2% plan to decrease for a net increase of 38.2%. That's lower than the October 2006 net increase of 50.0%.

Service sector companies report a net increase in hiring of 40.1% in October, down from 48.9% a year ago.

The number of manufacturing companies raising new-hire compensation fell to a net increase of 2.9% in September, down from 13.5% in September 2006. The number of service sector companies raising new-hire compensation slipped to a net increase of 14.6% in September from 15.2% a year ago.

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

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