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SHRM/Rutgers Report Paints Gloomy Picture of U.S. Services, Manufacturing
Weaker employment growth is forecast in both sectors, potentially affecting hiring and pay.
By Garry Kranz
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Bleak Business: Things are about to get worse for already gloomy U.S.
manufacturing and services sectors. According to a report by the Society for
Human Resource Management and Rutgers University, manufacturing and services
companies will hire fewer new employees in December. Moreover, those fortunate
to land jobs can expect to be offered lower pay than people hired at the same
time last year. The index of manufacturing employment is forecast to drop to
27.6 percent in December, compared with 31.5 percent in December 2006. Salaried
employees are expected to feel the brunt of the decline, which means they could
see pay cuts, wage freezes or the elimination of their positions altogether.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
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Index: Quick Takes — December 11, 2007
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