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Service sector hiring to rise, manufacturing to fall

January 22 2008
More service sector employers plan to hire in February compared with a year ago while fewer manufacturing employers plan to add staff, according to the leading indicator of national employment index (LINE) report from the Society for Human Resource Management and Rutgers University.

The index's survey found that 49.8% of service sector employers plan to increase staff in February while 12.0% plan to cut, resulting in a net increase of 37.8%. That's up from a net increase of 26.5% a year ago.

Manufacturers forecast a net increase in hiring of 35.4% in February, down from 46.3% a year ago.

Also, new-hire compensation fell in both the service sector and manufacturing in January, according to the report. It found that 10.7% of service sector employers raised new-hire compensation in January while 0.5% decreased it for a net increase of 10.2%. That's down from a net increase of 15.3% a year ago. In manufacturing, there was a net increase in employers raising new-hire compensation of 7.5% in January, down from 18.5% a year ago.

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

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