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Manufacturers slow hiring, services increase

October 26 2007

Fewer manufacturers plan to increase hiring in November compared with the same time last year, but more service sector companies plan to boost hiring, according to the leading indicator of national employment index (LINE) report from the Society for Human Resource Management and Rutgers University.

According to the index's survey, 51.7% of manufacturers plan to expand their workforces in November while 11.8% plan to cut staff numbers, resulting in a net increase of 41.5%. That compares with a net increase of 44.1% in November 2006.

In the service sector, 51.2% plan to add staff in November and 8.7% plan to decreased staff for a net increase of 42.5%. That compares with a net increase of 35.2% a year ago.

The percentage of manufacturing companies increasing new-hire compensation in October fell to 12.4% from 12.9% a year ago. The number of service sector employers raising new-hire compensation in October rose to 15.6% from 15.5% in October 2006.

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

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