The Index increased as workers' optimism about the economy and confidence in their ability to find a new job rose slightly. In addition, more than one-third (37 percent) of surveyed workers are likely to look for a new job in the next 12 months, an increase of four percentage points since July.
Specifically, the Index was boosted by increases in the percentage of workers that believe the economy is getting stronger and that more jobs are available. Job security remained stable, with over three-quarters (76 percent) of surveyed workers saying they are unlikely to lose their job in the next 12 months, unchanged since June.
"After months of decline, it is refreshing to see U.S. workers feeling more confident. Despite the uncertain economy, news of an upward revision to U.S. GDP growth in the second quarter, higher than expected worker productivity and lower energy prices likely support this jump in optimism," said William Grubbs, executive vice president and chief operating officer of Spherion Corporation. "As we head into the fourth quarter, the job market remains equally challenging for employers and candidates. As employers remain extremely selective in their hiring decisions, candidates now have to prove their worth more than ever in order to stand out in a much larger crowd."
Grubbs continued, "The sluggish economy has painted a somewhat grim picture for many sectors, but we are seeing a few bright spots in our own business. There continues to be a strong need for professional positions, particularly financial analysts, healthcare and warehousing professionals. Despite the economic slowdown, there still are opportunities out there given the right sector and location."
Results from the August Spherion Employment Report:
Overall Confidence Level Rebounds: The Spherion Employee Confidence Index jumped 2.4 points to 47.6 in August, representing the first increase in the Index since May. The Index, which measures workers' confidence in their personal employment situation and optimism in the macroeconomic environment, increased as workers optimism in the economy and confidence in their ability to find a new job strengthened. In addition, more workers said they are likely to look for new jobs in the next 12 months.
Details of the Index:
Macroeconomic Confidence:
- Eight percent of workers believe the economy is getting stronger, increasing three percentage points from July.
- Eleven percent of U.S. adult workers believe there are more jobs available, an increase of one percentage point from the previous month.
Personal Confidence:
- Sixty-five percent of U.S. adult workers feel confident in the future of their current employer, a one percentage point decrease from July.
- The percentage of U.S. adult workers confident in their ability to find a new job increased two percentage points from July to 51 percent.
Job Security: Over Three-quarters of Workers Say it is Unlikely They Will Lose Their Job
- Seventy-six percent of U.S. workers say it is unlikely they will lose their jobs in the next 12 months, unchanged from June and July.
Job Transition: Percentage of Workers Likely to Look for a New Job Jumps
- Thirty-seven percent of workers are likely to look for a new job in the next twelve months, an increase of four percentage point from the prior month.
