The Society for Human Resources Management (SHRM) released the Leading Indicators for National Employment (LINE) yesterday with predictions of another month of steady job growth during October 2013. The Service sector anticipates moderate hiring during October and this makes the fifteenth month in a row that hiring has occurred in the Service sector. The Manufacturing sector expects to add jobs at a strong pace compared to the previous month.
The LINE report also looks back on the recruiting efforts from the previous month of September. Along with increased hiring, Human Resources departments continue to have difficulty finding candidates for key jobs. Many Human Resources departments identify there is a shortage of skilled workers. The LINE Report also reflects on new hire compensation from the previous month. Compensation is considered an important factor since it is used to attract or retain new employees. September new hire compensation was mixed. During the recession a high rate of unemployment and a large pool of job seekers in the market allowed companies to keep benefits and wages low to control costs. Manufacturing compensation has lagged behind the Service sector. Due to supply the ongoing job growth new hire compensation in the Service sector has been improving steadily.
The full SHRM LINE report may be viewed at: http://www.shrm.org/Research/MonthlyEmploymentIndices/line/Pages/default....
The LINE report is published by the Society of Human Resource Management (SHRM). It is the only report that projects hiring expectations for the upcoming month and has shown a high degree of accuracy. This report is released a month ahead of the US Department of Labor, Bureau of Labor Statistics (BLS) Employment Situation Report. The LINE report is compiled by surveying 500 Human Resource departments in the manufacturing sector and 500 Human Resources departments in the service sector if they plan to add workers during the month. Combined these two sectors employ 90% of the country's private sector work force. The next LINE report will be published October 31, 2013.
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