Hiring seen slowing in 2nd quarter: Manpower
U.S. employers are less optimistic about hiring in the next three months than they were in the first quarter or a year ago, but the slowdown is gradual and international labor markets are now less synchronized with the United States, Manpower Inc (MAN.N: Quote, Profile, Research). said on Tuesday.
The global employment services provider said its U.S. net employment outlook — which measures the difference between those planning to add jobs and those cutting them — fell to a seasonally-adjusted 14 for the second quarter. That compares with 17 in the first quarter and a 18 during most of 2007.
“This is a very slow and gradual decline from a labor market perspective,” said Manpower Chief Executive Jeff Joerres.
As credit problems stemming from the U.S. mortgage crisis work their way through the system, they are only now affecting employers’ plans for the next quarter faxless payday loan. In the past, jobs were often a leading indicator of the economy, Joerres said, this time, they may prove to be a lagging indicator.
During the two most recent U.S. recessions, in 2001 and in the early 1990s, Manpower’s net employment outlook sank in the quarters immediately preceding a downturn. There’s no evidence yet of that happening this time, Joerres said.
“Most industries are still above water,” Joerres said.
The survey predicts a weaker hiring pace in six of ten U.S. industry sectors, but only one — construction — is likely to see outright job cuts during the second quarter.
“It could clearly get worse if commercial construction starts to hit the same woes as residential,” Joerres said.
Filed under: business by Specialist