According to the SHRM Leading Indicators of National Employment (LINE) Report for February 2012, although the pace of job creation at this time last year was higher, the hiring outlook for this February shows that far more companies are expected to hire than lay off.
Specific to the manufacturing and service sectors, the LINE Report shows that compared to February 2011, the service-sector hiring in February 2012 will drop by a net of 12.3 points and the manufacturing-sector hiring in February 2012 will drop by a net of 2.5 points. Taking a closer look at the comparison between the two sectors, the service-sector hiring index shows that a net of 20.9 percent of employers will add jobs this February while the manufacturing-sector hiring index shows that a net of 40.2 percent of companies plan to hire workers in February.
In February 2012, 26.3 percent of service-sector companies plan to hire, while only 5.4 percent plan to layoff and similarly in the manufacturing-sector, 49.1 percent of companies plan to hire, while only 8.9 percent plan to lay off. Both sectors show a more positive outlook with significantly more companies planning to hire than layoff.
“The economy is showing gains in job growth but not at the pace needed to significantly bring down the unemployment rate,” Jennifer Schramm, manager of workplace trends and forecasting at SHRM.
Despite companies plan to hire rather than layoff in February 2012, January’s LINE Report showed that the recruiting-difficulty index and new hire compensation both rose slightly in both the manufacturing and service sectors.
To read the full Leading Indicators of National Employment (LINE) Survey report, click here.
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