Confidence among accounting and finance workers dropped in July, due mainly to less optimism regarding personal finances and lower levels of job satisfaction, according to the Hudson Employment Index.
Confidence in the accounting and finance sector dropped three points, from 113.2 to 110, last month, compared to national worker confidence in the labor market moving ahead slightly to 103.7 from 103. The percent of accounting and finance workers rating their finances favorably (excellent or good) fell from 61 percent to 54 percent. The index is compiled each month by an independent research firm and is based upon telephone interviews and survey responses from approximately 9,000 U.S. workers.
While the percent of national workers expecting hiring held steady in July at 31 percent, those anticipating layoffs dropped a percentage point to 16 percent -- the lowest reading for this factor over the last year, matching results from October 2004 and January 2005.
The overall confidence index is down from a year ago, primarily because workers this year are less optimistic about their personal finances and their employers' hiring plans. However, the percent of workers happy with their job is up four percentage points from July 2004 --74 percent compared to 70 percent.
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