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Worker confidence tumbles again

October 03 2007

Worker confidence fell further in September, according to the Hudson employment index, a monthly survey of worker confidence by Hudson, part of the Hudson Highland Group Inc. (NASD: HHGP). Worker confidence dropped 2.1 points to an index level of 97.1 in September from 99.2 in August. The level is one of the lowest on record since the index sank to a historic low of 96.8 in September 2005.

The number of workers expecting their employer to increase headcount fell two points to 28%, the lowest since the worker confidence index began in December 2003. The number of workers saying their employers had no plans to change their workforce size rose two points to 50%.

"On the one hand, the Federal Reserve lowered interest rates by half a point this month, which has helped to ease credit fears for now," said Robert Morgan, president of Talent Solutions, Hudson. "However, many companies seem to be putting their hiring plans on hold until they know how the remaining months of the year are going to fare."

The index is based on monthly telephone surveys with approximately 9,000 U.S. workers.

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