This month is expected to bring more jobs than layoffs in manufacturing and services, according to the Society for Human Resource Management’s latest employment report.
However, year-over-year numbers still show that hiring is down compared to this time last year – by 2.5 percent in the manufacturing sector and 6.4 percent in the service sector.
Results are based on a survey of HR professionals at more than 500 manufacturing and 500 private service-sector companies. The two sectors comprise more than 90 percent of America’s private sector employment.
A net total 17.9 percent of manufacturing sector companies will add jobs this month, with 33.3 percent of HR professionals saying their company will increase staffing while 15.4 percent will cut jobs.
That’s the highest net gain for manufacturing hiring since October 2008.
A net total of 13.4 percent of service sector companies will add jobs this month, with 32.5 percent planning to hire while 19.1 percent will reduce staffing levels.
“Though the labor market remains weak, the pace of layoffs does appear to have slowed and job seekers may find increased opportunities in both the manufacturing and service sectors during October,” said Jennifer Schramm, manager of workplace trends and forecasting at Alexandria, Va.-based SHRM, in a statement. “Recruiting difficulty and new-hire compensation rates however remain down, indicating that this is still a very tough market for job seekers.”