HR Report Shows Job Growth Confidence

Human resource professionals are showing confidence in the U.S. job market, according to the Labor Market Outlook Report by the Society of Human Resource Management. The report indicates 56% of respondents expect job growth for the third quarter of 2010; 49% are somewhat optimistic about job growth in the United States, and another 7% are very optimistic and anticipate job growth during the quarter. That represents a sharp increase from the third quarter of 2009, when a combined 37% of respondents expressed some level of optimism about job growth in the labor market. In the third quarter of 2010, 31% of companies plan to conduct hiring, up from 21% in the third quarter of 2009. Among employer categories, small companies (those with 1 to 99 employees) are likely to add jobs (36%) in the third quarter.
Society for Human Resource Management – August, 2010

U.S. Employers Expect Pay Raises in 2011

With signs of economic recovery, U.S. employers plan to adjust their compensation practices for 2011 in response to losing top talent after a year of pay freezes. According to Mercer's 2010/2011 U.S. Compensation Planning Survey, more than 98% of U.S. companies plan to award base salary pay increases in 2011. Moreover, just 2% of companies are planning across-the-board salary freezes in 2011, compared with 13% in 2010 and 31% in 2009. Of the employers projecting to grant base salary pay increases, the average increase is expected to be 2.9% in 2011, up from an actual 2.7% in 2010. Unlike past years, expected salary increase levels for 2011 are even across most employee groups. However, more employers are taking a segmented approach to salary increase allocations and continuing to focus on high-performing talent.
Society for Human Resource Management – August, 2010

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Manufacturing Lifts Recovery

The nation's manufacturing sector has now grown for a solid year, and more companies say they're ready to hire. Measures of production and new orders, which signal future business, both saw growth, although more slowly than in June. Although manufacturing accounts for about a fifth of U.S. economic activity, it can't carry the recovery on its own. But with consumer spending and other sectors of the economy slightly down, any sustained growth is good news.
The Associated Press – August 3, 2010

Home Prices Stabilize in Second Quarter

Home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, according to the latest survey by the National Association of Realtors. The national median price for a single-family home was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.
Realtor.org – August 11, 2010

Mortgage Rates Dip Below 4% on 15-year Loans

A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4%. Rates haven't dipped this low in decades, and for those who qualify, it's the chance to pay off a home in half the time while saving thousands of dollars. The average rate on the 15-year fixed loan dropped as low as 3.95%, according to mortgage company Freddie Mac.
The Associated Press – August 5, 2010

Consumer Confidence Levels Decrease in July

Consumer confidence which had declined sharply in June dropped more in July. The Consumer Confidence Index now stands at 50.4, down from 54.3 in June. The Present Situation Index, a measure of consumers' opinions on current economic conditions, decreased from 26.8 to 26.1. The Expectations Index which measures consumer outlook on future economic conditions declined to 66.6 from 72.7 last month. Consumers were also more pessimistic about future job prospects. Those expecting more jobs in the months ahead decreased to 16.2 from 14.3, while those anticipating fewer jobs increased to 21.1 from 20.1. Read more about the Consumer Confidence Survey. The monthly Consumer Confidence Survey is based on 5,000 U.S. households.
The Conference Board – July 27, 2010

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ESS
July 2010

Although Federal government employment fell, as 143,000 temporary workers hired for the Census completed their work, several areas saw an increase in hiring and had fewer seasonal layoffs than normal. Private-sector employment was up by 71,000 jobs in July and increases were seen in manufacturing, health care, transportation and warehousing, and mining. Employment in professional and business services, including temporary help services was little changed over the month. Other areas showing little change in July include wholesale trade, retail trade, information, and leisure and hospitality. Learn more from the most recent employment report from the Bureau of Labor Statistics. View the unemployment rate in your state.

Major Industry Employment:

• Construction: - 11,000
• Manufacturing: + 36,000
• Professional & Business Services: - 13,000
• Temporary Help Services: - 5,600
• Educational & Health Services: + 30,000
• Leisure & Hospitality: + 6,000
• Government: - 202,000

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Employment Trends is a publication of Express Services, Inc., Oklahoma City, Oklahoma. © 2010.