The Hudson Employment Index™ for Accounting and Finance workers declined 3.6 points, to 107.2 in May. The number of accounting and finance workers expecting their employers to increase headcount fell two points, to 35 percent, while the number of respondents indicating the financial situation was getting worse dropped three points, to 38 percent.
“The drop in confidence is not unexpected, especially when you consider the elevated gas prices, rising interest rates and slipping stocks, which are all compounded by upcoming seasonal factors,” Steve Wolfe, executive vice president at Hudson, North America, said in a prepared statement. “However, the news isn’t all bad. Workers are still generally satisfied at work and confident that their jobs are safe despite the constant barrage of negative headlines.”
The overall workforce reported similar findings. The composite Index fell 5.4 points, to 102.3, with workers reporting less satisfaction with their personal finances in May. Only 43 percent of workers rated their personal financial situation as excellent or good in May, down from 45 percent in April. The percentage of workers indicating their personal finances were improving also dropped 3 points, to 40 percent, the lowest level since November 2005.
Despite the Overall drop in confidence, May’s polling did reveal some areas of optimism. In particular, only 20 percent of those surveyed were concerned about losing their job, down from 21 percent in April and 22 percent a year ago. Additionally, the number of workers expecting layoffs held steady at 17 percent. The number of workers content with their jobs was also stable at 74 percent.
The Hudson Employment Index is based on monthly telephone surveys with approximately 9,000 U.S. workers. The Index tracks aggregate employment trends regarding career opportunities, hiring intentions, job satisfaction and retention. The data is compiled each month by Rasmussen Reports, LLC, an independent research firm.
Results from previous Hudson Employment Index surveys are discussed in: