Productivity and Costs (P) for Fourth Quarter 2008. BLS reported preliminary productivity data for the fourth quarter and for the full year 2008. In the fourth quarter of 2008, productivity increased 3.1 percent in the business sector, with output and hours decreasing 5.2 percent and 8.1 percent, respectively. Output per hour for the nonfarm business sector rose 3.2 percent as output declined 5.5 percent and hours fell 8.4 percent. For the full year 2008, productivity rose 2.7 percent in the business sector and 2.8 percent in the nonfarm business sector. Manufacturing productivity decreased for the third consecutive quarter; output per hour fell at a 3.0 percent annual rate in the fourth quarter. The fourth-quarter decline was concentrated in the durable goods sector. Output per hour in total manufacturing posted a 1.3-percent increase in 2008 on an annual average basis.

Employment Indexes
Monster Employment Index Declines in January by 13 points, as a majority of industries, occupations, and markets noted a contraction in online job availability amid sustained uncertain economic conditions. Year-over-year, the index is now down 26 percent, suggesting further deterioration in the labor market at the onset of the new year. During January, online job availability rose in two of the Index's 20 industry categories and one of the 23 occupational categories measured.

The Spherion Employee Confidence Index increased 2.3 points to 42.7 in January from last month's survey low of 40.4. The index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, reveals that more workers are confident in their ability to find a new job. In addition, more workers (34 percent) reported that they are likely to look for a job in the next twelve months, up one percentage point from December.

Amid a disappointing corporate earnings season, the outlook for executive job growth did not waver in January, as search firms remain divided on when they expect to see signs of improvement in the top of the employment market. Despite this mixed forecast, pockets of six-figure job growth continue to be reported in several industries. The Execunet Recruiter Confidence Indexfor January finds that 36 percent of those surveyed are confident or very confident the executive employment market will improve in the next six months - down slightly from 40 percent last month and up from all time lows reached in November 2008 (26 percent). In 2008, executive search consultants reported a two percent decline in assignments, which marked the end of four consecutive years of double-digit growth (2004 - 2007).

Hiring will drop substantially in both the manufacturing and private service sectors compared to this time last year, according to the Society for Human Resource Management Leading Indicators of National Employment (LINE) Report. LINE forecasts a 36-percent drop in manufacturing sector hiring and a 23.5-percent drop in service sector hiring compared to this time last year. This is the worst drop in the survey's 4-year history. In the manufacturing sector, 3.1 percent of HR professionals said they would decrease new-hire compensation, while 2.3 percent said they plan to increase salary and wage packages. This is the second month in LINE history that has recorded manufacturers' net total venturing into negative territory.

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The Bugler publishes recruiting industry news, featuring a Calendar of Events each Friday. Please send your company news to Polly Tasker for inclusion in The Bugler. More indepth news stories can be found in the Electronic Recruiting News.