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Hiring expectations for May in the manufacturing and service sectors fell year-over-year, 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 47.7% of manufacturers plan to add staff in May while 17.7% plan to cut for a net increase of 30.0%. That's lower than the 43.2% net increase for May 2007.
In the service sector, companies projected a net employment increase of 35.5% in May. That's down from the net increase of 52.0% projected for May 2007.
The report also said that compensation for new hires rose more slowly than a year ago in both the manufacturing and service sectors in April. Manufacturers reported a net increase in new-hire compensation of 7.8% in April, compared to 10.0% a year ago. In the service sector, the number of companies reporting increases in new-hire compensation fell to a net increase of 12.6% from 13.0% a year ago.
The LINE report surveys human resources executives at more than 500 manufacturing and more than 500 service-sector firms.