U.S. employment index falls to record low
Mounting hiring concerns and personal financial strain pushed a U.S. employment index down nearly 9 points to a record low, a private survey said Wednesday.
The fears cut the Hudson Highland Group Inc.'s Hudson Employment Index 8.9 points to 91.9 for November.
The index, measuring U.S. worker confidence in the employment market, registered 105.3 in November 2006, Hudson said.
Among cities, Dallas recorded the highest index, at 102.8. Chicago had the lowest, at 80.9. Texas had the highest among states, at 109.1. Michigan had the lowest, at 74.6.
The number of workers nationwide anticipating hiring at their companies fell 3 points to 25 percent in November -- the fewest workers expecting job growth since the index began in December 2003, Hudson said.
Seventeen percent expected their employers to cut staff, up 2 points to the highest level for this response in nearly two years.
Workers are also worried about their finances, with 34 percent saying theirs were improving, down 5 points from October, and 43 percent rating their financial situation favorably, down from October's 47 percent.
Seventeen percent described their finances as "poor," a 2-point rise from October, Hudson said.
The data, compiled by independent research firm Rasmussen Reports LLC, have a margin of sampling error of 1 percentage point. // Copyright 2007 by United Press International
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