October 2007 Federal Reserve Beige Book
October 2007 U.S. Jobs Report

Worker Confidence In Minnesota Drops Again And US IT Workers Moody

The October edition of the Hudson Employment Index is out. The national employment index is up after two down months and almost back to the level of a year ago. Although much lower than earlier in the year.

The Minneapolis and St. Paul Index took a dive for the third straight month. The Hudson Employment Index for Minneapolis-St. Paul showed:

  • There was a five-point drop to 24 percent in the number of employees who expected their company to hire in the coming months. This factor has been slipping since registering 34 percent in June.
  • Concern around job security rose in October, as the number of worker who indicated they were worried about losing their jobs increased two points to 21 percent.
  • Compared to September when 11 percent of the work force rated their finances as “excellent,” just 9 percent made that statement in October. That figure was 13 percent as recently as August.
  • The number of employees who said their financial situation was improving fell two points to 32 percent.
  • Fewer workers were happy with their jobs in October (74 percent) than in September (77 percent).

The IT Index continues its roller coaster ride of one up and then one down month yet my IT friends are still doing much better than their colleagues in other areas. The Hudson Employment Index for IT workers showed:

  • After skyrocketing to 80 percent in September, the number of workers saying they are satisfied with their job dropped in October to 74 percent.
  • More workers expected their company to add headcount in the coming months (36 percent in October compared to 34 percent in September).  Additionally, there was a three-point drop in the number of workers who expected their company to cut staff (14 percent).
  • Still, one in five workers were worried about losing their job, a three-point increase since September.

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