SHRM: Though still weak, labor market may offer more opportunities for job seekers in July

Hiring expectations for July are still far behind the levels of one year ago, but compared with the first few months of 2009, a growing number of companies in the manufacturing and service sectors are starting to take on new employees, according to the Society for Human Resource Management's (SHRM) Leading Indicators of National Employment (LINE) survey.

Continuing a recent trend, July hiring expectations are at a five-year low. Though hiring is down in July compared with the same time in 2008, more companies will add jobs rather than conduct layoffs. This is the first time this has occurred since November 2008.

According to SHRM, there is some evidence that the job market is improving gradually. July marks the highest level of hiring in the manufacturing sector since November 2008. In the service sector in July, the hiring rate will surpass the layoff rate for the third consecutive month.

Employers continue to curb wages and benefits packages for new workers. New-hire compensation rose at the slowest rate in June in five years in both the manufacturing and service sectors.

The complete report can be found here.