2nd Quarter Job Market Outlook Report
The outlook on the job market for the second quarter of 2009 seems to offer a slightly higher degree of optimism, according to a recent survey conducted by USA Today and CareerBuilder. The survey questioned over 4,400 workers in the private sector along with 2,500 hiring managers and full-time HR professionals. Based on their findings, the job market is expected to stabilize over the next three to six months, with second-quarter job losses forecasted to fall below 100,000, the CEO of Careerbuilder.com reported. On the hiring front, 14% of employers surveyed reported they plan to add full-time employees, 14% will have a decrease in hiring, and 64% expect to have no change in their hiring efforts in the second quarter. The report signaled a slow down in layoffs, with 12% of employers reporting planned layoffs in the second quarter, 16% stating they were currently undecided, and 72% reporting no planned layoffs.
CareerBulider.com – April 1, 2009
Mature Workers Embrace Career Change
A new study released by AARP shows that mature workers are likely to enjoy their new jobs more than their old ones. According to the survey, based on over-50 workers the AARP has been studying for a decade, an overwhelming majority of workers had higher job satisfaction after a job change due to reduced stress and increased flexibility. In fact, 91% of workers who changed jobs said they enjoyed their new jobs more than their previous one. The results show that workers over 50 can thrive in times of change by embracing a new career, experts say.
AARP.org – May 7, 2009
Workers’ Expectations Fall for Comfortable Retirement
The percentage of Americans who are “very confident” they will have money to retire dropped in 2009, according to a report from the Employee Benefit Research Institute. Only 13% of respondents indicated they will be able to afford to retire, down from 18% in 2008 and 27% in 2007. This is the lowest positive response rate the question has received since it was first asked in 1993. The report showed that workers plan to work longer or supplement their income when they retire.
CCH – April 24, 2009
Consumer Confidence Increased
The consumer confidence index increased for the second consecutive month to 39.2 in April, up from a revised 26.9 reading in March, according to the Conference Board. This is the highest reading so far in 2009. The expectations index, which measures consumers’ outlook on future economic conditions, increased to 49.5 in April, up from 30.2 in March. Experts report the increase in the expectations index measures consumers’ beliefs that the downturn in the economy is nearing an end. The monthly consumer confidence survey is based on 5,000 U.S. households.
The Conference Board – April 28, 2009
Pending Home Sales Up for Second Month
According to the National Association of Realtors (NAR), the index for pending sales of existing homes increased to 84.6 in March, up from 81.4 in February. The increase in sales beat analysts’ expectations and were up 1.1% from 2008 levels. This is the first time monthly sales growth has beat the previous year’s levels since December 2008. This index measures current activity against sales activity in 2001, the year the index started. A reading of 100 demonstrates equal levels with that year. The South saw the largest gains in pending home sales, which increased by 8.5%, while the West saw a 4% increase. The Northeast saw a 5.7% decrease, and the Midwest saw a 1% increase in pending home sales.
The Associated Press – May 4, 2009
Private Sector Cuts Fewer Jobs in April
The private sector cut 491,000 jobs in April, down by 31% from the 708,000 job cuts in March, according to ADP, an automatic data processing company. Economists anticipated a loss of 643,000 jobs. The report showed the decline in job cuts was consistent across all sectors. The survey is based on payroll data from 500,000 U.S. businesses. Experts say the decline in job cuts is good news and shows the economy is beginning to turn around.
CNNMoney.com – May 6, 2009
U.S. Service Industries Shrank at Slower Pace in April
The Institute for Supply Management’s index of non-manufacturing activity registered at 43.7 in April, up from 40.8 in March. This slight increase suggests that service industries still contracted, but at a slower pace than in the previous month. An index reading above 50 indicates growth in the sector. Non-manufacturing business makes up nearly 90% of the U.S. economy. Experts report that the services sector is showing signs of improvement and that the worst of the economic downturn may be in the past.
Bloomberg – May 5, 2009
April 2009
The unemployment rate increased to 8.9% in April, up from 8.5% in March. Overall, employment has dropped by 13.7 million jobs since the recession began in December 2007. Job loss occurred across most sectors of the U.S. economy in March. Click here for the most recent employment report from the Bureau of Labor Statistics.
Major Industry Employment:
• Construction: - 110,000
• Manufacturing: - 149,000
• Retail Trade: - 47,000
• Professional & Business Services: - 122,000
• Educational & Health Services: + 15,000
• Leisure & Hospitality: - 44,000
• Government: + 72,000
Employment Trends is a publication of Express Services, Inc., Oklahoma City, Oklahoma. © 2009.