The Economy

Finance-Worker Confidence Takes a Plunge

Hudson Employment Index, which has been up-and-down for months, shows accounting and finance workers worried in June about lower hiring levels and ...
Stephen TaubJuly 5, 2007

In what has been a roller-coaster year for confidence survey results for accounting and finance employees, confidence dipped sharply in June, according to the Hudson Employment Index. The index score dropped 9.8 points to 106.3, after an upward surge in May.

Hudson said lower hiring expectations and higher anticipated layoffs drove the June decline.

The composite index, based on responses from about 9,000 workers across all sectors, fell 5.7 points in June, to 101.2.

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According to the Hudson report, there was an eight-point decline, to 30 percent, in the number of workers expecting their companies to increase headcount in the coming months. Meanwhile, worker anticipation of layoffs in June climbed to 19 percent from May’s 15 percent.

Also, 72 percent of workers reported being satisfied with their own jobs in June, down from 74 percent in May.

The Hudson Employment Index is compiled each month by Rasmussen Reports LLC, an independent research firm, based upon telephone interviews and survey responses from approximately 9,000 U.S. workers.

To calculate the index, says Hudson, an aggregate number is created by adding positive indicators from the data, such as the number saying their firms are hiring, or that they are unworried about losing a job. Negative indicators are then subtracted, while neutral responses have no impact on the data. The aggregate number is then divided by the aggregate from the baseline month of December 2003 to determine the relative index value.