Accounting and finance workers' optimism about the economic outlook fell for the second straight month in November, according to the latest Hudson Employment Index.
The index for accounting and finance workers slid 2.2 points in November to 112.9, down from 115.1 in October. However, the industry index continues to outpace the national Hudson Employment Index for workers in all sectors, which dropped 3.6 points to 104.9, down from 108.5.
The drop in accounting worker confidence can be attributed to a number of factors, including a negative outlook towards job security, decreased levels of worker satisfaction, and pessimism surrounding personal finances.
The percentage of workers who forecast that their organizations will lay off workers increased three points to 19 percent in November, while the number of workers who were concerned about losing their jobs rose two points to 17 percent.
The number of accounting and finance workers who claimed that they were happy in their current roles plummeted seven points to 68 percent from 75 percent in October, while the number who believed that their personal finances were poor increased by 2 points to 14 percent.
Compounded, Hudson said that those factors may be contributing to the four-point increase in the number of employees engaged in a job search, up to 27 percent.
Across all industries, the number of both workers and managers who said that their firms are hiring dropped three points in November, to 31 percent and 32 percent respectively. Among 8,787 workers across all sectors nationwide, the percentage worried about losing their own job increased from 16 percent to 18 percent in November, while the percentage of workers who said that their financial situation is getting better declined a point to 42 percent.
Jeff Anderson, senior vice president of Hudson Global Resources, said that the decline reflects a typical cycle for this time of year. "As we approach the holiday season, companies are putting off hiring initiatives until the new fiscal year and workers are feeling the pinch on their wallets as they anticipate increased spending," said Anderson.
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