June 30, 2004
The Hudson Employment Index(SM) rose sharply in June, signaling continued strong job creation by the U.S. economy in the second quarter. The Index rose 3.1 points to 107.9, its 2004 high. The rise is the largest single-month increase in employee confidence recorded by the Index this year.
Overall, the numbers of employees and managers who reported that their companies are adding jobs are at their highest level of the year. The percentage of workers who reported their employers have plans to hire grew 6 percent from May to 34 percent, while only 17 percent of workers reported their firms are laying off staff. Private-sector employees maintained their confidence in the job market for a third consecutive month with 39 percent reporting hiring. The percentage of managers who say that their firms are hiring jumped to 36 percent in June from 33 percent in May.
"The labor market seems to have regained its momentum after taking a breather last month," said Jeff Anderson, senior vice president of HudsonGlobal Resources. "The percentage of workers that report hiring in their companies has reached its highest level this year, recording a 17 percent increase over December of last year." He added, "The trend displayed by the Index in the first six months of the year leads us to believe that the recovery in the job market is likely to be sustained, even though there may be month-to-month fluctuations."
Hudson, a professional staffing, outsourcing, and human capital solution providers, publishes the Hudson Employment Index, a monthly measure of the U.S. workforce's confidence in the employment market.