Investing September 5, 2002

Lots of Glum Faces Among NY Hiring Managers, Employees

September 5, 2002 (PLANSPONSOR.com) - The New York Times Job Market Confidence Index, which regularly polls New York area hiring managers and job seekers, dropped 10 points in August to 100.0 from 110.0 in July.
Reported by

August’s Current Conditions measure of the Index, which looks at respondents’ perceptions of the current state of the job market, dropped to 120.1 from 130.7 in July.

The Expectations measure of the Index, which considers respondents’ expectations concerning the future of the job market in six months, dropped to 95.6 in August from 104.5 in July.  For these results, February served as the base month, with values equal to 100.0.
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Key findings for August include:

  • the number of employers expecting to hire someone in the next six months dropped to 53.2% in August from 62.1% in July
  • job openings declined slightly, with 62% of employers saying in August that they weren’t hiring compared with 58.3% in July
  • job seekers also think there are currently “very few jobs” in the New York area, with 49.5% saying this in August compared with 41.1% in July
  • job seekers’ outlook for the future declined, with 29.6% of job seekers saying that there would be “fewer jobs available” in six months, an increase from 20.7% saying this in July.

For the August results, 500 employers and 324 job seekers were interviewed.

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