On March 6, recruiting and staffing company, Spherion Corporation reported a decrease in the Spherion Employee Confidence Index of 2.6 points to 40.1, its lowest level since 1967.
The Index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, reveals that fewer workers are confident in their ability to find a new job and fewer are optimistic in the future of their current employers. The January index was 42.7 points.
There is no doubt that the impact of the economic situation is far-reaching, said Roy Krause, president and CEO of Spherion Corporation.
With month-over-month job losses continuing, more businesses entering bankruptcy and key retailers reporting disappointing results, our latest Employee Confidence Index indicating dwindling confidence is not surprising”, he added.
Spherion Corporation provides integrated solutions and breakout specialties to meet the evolving needs of companies and job candidates and as an industry pioneer for more than 60 years, Spherion has sourced, screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs.
According to Krause, as long as the American people don’t see some stabilization in foreclosures, layoffs and other key economic indicators, it is possible that overall confidence will continue to suffer.
Confidence in the macroeconomic environment has also declined. Only six percent of workers believe the economy is getting stronger, down from seven percent in January. At the same time, 70 percent believe the economy is getting weaker, up from 67 percent in January.