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NEW YORK, N.Y., April 17, 2008 – The New York Employee Confidence Index decreased 10.8 points to 39.4 in March, a record low for the Index, according to the latest Spherion® Employment Report. The monthly survey of New York workers conducted by Harris Interactive® on behalf of Spherion Corporation reveals a significant increase in worker’s concern about the number of jobs available and in their own ability to find a new job. The survey also reveals an increase in the number of workers who feel the economy is getting weaker.
Results from the New York Employment Report:
- Four in ten workers are confident in their ability to find a job, decreasing 22 percentage points from February.
- Two-thirds of workers (67 percent) believe fewer jobs are available, representing a 20 percentage point increase over the previous month.
- While the majority of workers (59 percent) are confident in the future of their current employer, this is a nine percentage point decrease from February.
“The instability of the nation’s economy appears to be greatly impacting New York workers’ overall confidence levels,” said Linda Perneau, vice president of Spherion Staffing Services. “Although this is the lowest Employee Confidence Index we’ve ever reported, there are pockets of the New York State labor market where our business is seeing job creation, particularly in the insurance, technology, finance and administrative sectors.”
| March Employment Report Results | New York Workers | U.S. Workers | |||||
| Feb | Mar | % Point Change | Feb | Mar | % Point Change | ||
| Economy | Getting Stronger | 7% | 2% | -5 | 6% | 6% | 0 |
| Staying Same | 27% | 16% | -11 | 26% | 22% | -4 | |
| Getting Weaker | 67% | 81% | +14 | 68% | 72% | +4 | |
| Job Availability | More Jobs | 9% | 6% | -3 | 13% | 12% | -1 |
| Same Amount | 44% | 27% | -17 | 34% | 30% | -4 | |
| Fewer Jobs | 47% | 67% | +20 | 53% | 58% | +5 | |
| Ability to Find New Job | Confident | 62% | 40% | -22 | 53% | 53% | 0 |
| Neutral | 19% | 35% | +16 | 30% | 29% | -1 | |
| Not Confident | 19% | 25% | +6 | 17% | 18% | +1 | |
| Future of Current Employer | Confident | 68% | 59% | -9 | 65% | 63% | -2 |
| Neutral | 20% | 22% | +2 | 22% | 22% | 0 | |
| Not Confident | 11% | 19% | +8 | 12% | 14% | +2 | |
| Likelihood to Lose Job | Likely | 16% | 10% | -6 | 12% | 13% | +1 |
| Neutral | 7% | 8% | +1 | 10% | 10% | 0 | |
| Not Likely | 76% | 82% | +6 | 78% | 77% | -1 | |
| Likelihood to Look for New Job | Likely | 41% | 36% | -5 | 36% | 35% | -1 |
| Neutral | 7% | 14% | +7 | 12% | 9% | -3 | |
| Not Likely | 52% | 50% | -2 | 53% | 55% | +2 | |
About the Spherion Employment Report
As part of the Spherion® Emerging Workforce® Series of employment surveys, the monthly Spherion Employment Report provides a snapshot of the latest workforce trends across the country and is issued in conjunction with state and national labor market releases. Three key indices are measured: the Spherion Job Security Index, which captures how likely respondents think it is that they will lose their job or that their job will be eliminated in the next 12 months; the Spherion Job Transition Index, which captures how likely respondents are to look for a new job in the next 12 months; and the Employee Confidence Index, which measures employees’ overall confidence in the economy, the future of their employer, the availability of jobs, and their ability to find other employment. The Employee Confidence Index is based on these four components, with a ‘score’ calculated for each by taking the difference of the percentage of positive responses and the percentage of negative responses. These four scores are then averaged to indicate an overall level of employee confidence scaled from 0 (no confidence) to 100 (complete confidence). A reading above 50 indicates a positive confidence level.
Methodology
The March 2008 Spherion® Employment Report was conducted online within the United by Harris Interactive on behalf of Spherion Corporation between March 4 and 6 and March 10 and 12, 2008 among a U.S. sample of 3,726 employed adults, aged 18 years and older, of whom 289 are employed in New York (for Feb 2008 n=180). Results were weighted as needed for age, sex, race/ethnicity, income, education and region. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the U.S. adult population. Because the sample is based on those who agreed to be invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.
About Spherion
Spherion Corporation (NYSE: SFN) is a leading recruiting and staffing company that provides integrated solutions to meet the evolving needs of companies and job candidates. As an industry pioneer for more than 60 years, Spherion has sourced, screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs.
With approximately 700 locations in the United States and Canada, Spherion delivers innovative workforce solutions that improve business performance. Spherion provides its services to more than 8,000 customers, from Fortune 500 companies to a wide range of small and mid-size organizations. Employing more than 300,000 people annually through its network, Spherion is one of North America's largest employers. Spherion operates under the following brands: Spherion Staffing Services Group for administrative, clerical and light industrial workers; Technisource for technology professionals and solutions; The Mergis Group for accounting and finance and other professional positions; Todays Staffing for specialty administrative personnel; and Spherion Recruitment Process Outsourcing. To learn more, visit http://www.spherion.com/
About Harris Interactive
Harris Interactive is a global leader in custom market research. With a long and rich history in multimodal research, powered by our science and technology, we assist clients in achieving business results. Harris Interactive serves clients globally through our North American, European and Asian offices and a network of independent market research firms. For more information, please visit www.harrisinteractive.com.
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