Hiring Down - Layoffs Up

Rasmussen Employment Index Signals More Weakness in Labor Market
Tuesday, January 06, 2009
The Rasmussen Employment Index, a monthly measure of U.S. worker confidence in the employment market, fell to a record low for the third month in a row.
Just 14% of workers report that their companies are hiring while 27% report lay-offs are coming at their workplace. Both figures are the bleakest ever recorded in the five year history of the Rasmussen Employment Index. This is the third straight month that the number reporting layoffs is higher than the number whose firms are hiring. Prior to the past three months, it had happened only once before (in June of this year).
Overall, the Rasmussen Employment Index fell to 67.0 for December. That’s down a point from the previous month and down twenty-one points since September. Typically, a decline in the Employment Index suggests that the government report on job creation will be weaker than the month before (see history).
As the nation’s economic woes mount, one-fourth of all American workers (26%) are worried about losing their job in the near future.

Thirty-nine percent (39%) of U.S. workers now say their personal finances are good or excellent. That’s down a point from last month and down four since September.
The Rasmussen Employment Index is based upon telephone interviews with approximately 9,000 employees each month. Results are released on the Tuesday preceding the government report on employment.
Other recent data, including the Discover Small Business Watch, the Discover Consumer Spending Monitor and the Rasmussen Consumer Index have shown similar trends. Overall, consumer confidence has fallen 24% since September and 50% since the beginning of 2007.
See the Rasmussen Employment Index summary from November.