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Worker confidence sinks, SFN index finds
By Palm Beach Business.com
FORT LAUDERDALE — The SFN Group Employee Confidence Index fell for the third consecutive month, dropping 6.8 points to 41.0 in August. The index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, revealed waning confidence among workers, specifically in regard to the strength of the economy and the future of their current employers.
"Worker confidence continued to decrease this month, reaching its lowest point since February of 2009, registering at 41.0 in August," says Roy Krause, president and CEO of SFN Group, Inc. "There is little doubt that recent plunges in the stock market and slow employment growth in the first half of 2011 have fueled fears of another possible recession in the minds of U.S. workers. “
Krause noted, however, that there are positive signs in the labor market that indicate a second recession is unlikely, including a low unemployment rate for professionals and expanding demand for temporary workers.
SFN released the index on the same day the Labor Department reported the national economy added zero jobs in August, with the unemployment rate holding steady at 9.2 percent.
A look inside the numbers:
“Although a double-dip recession cannot be completely ruled out, I believe that this recovery will be cautious and slow-moving, and may hit several soft patches along the way," Krause said.
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