RegionsNorth AmericaSurvey Finds Fewer US Companies Planning to Hire

Survey Finds Fewer US Companies Planning to Hire

US companies are scaling back plans to hire workers and an increasing number of firms believe that the European debt crisis is having an impact on their sales growth, according to a survey by the National Association for Business Economics (NABE).

A poll of 67 of its members between 14 and 26 June found that 23% planned to take on new staff in the next six months, against a figure of 39% when NABE previously polled members in March. Around 40% of the firms surveyed have more than 1,000 employees.

The latest survey found that 47% of companies believed their sales have dropped due to the continuing sovereign debt crisis and economic problems in much of Europe. This was nearly double the percentage that reported poor sales in March. Among companies that are manufacturers rather than service providers the impact was even greater, with nearly four in five reporting a Europe-driven decline in revenues.

Recent US economic data has suggested that at least some of the hiring slowdown has been due to caution rather than a decline in business. On 6 July the Labour Department issued a report indicating that companies asked employees to work longer hours in June, even though they slowed the pace of hiring.

Related Articles

India-US trade corridor: Accelerating growth with reverse factoring

Deals & Markets India-US trade corridor: Accelerating growth with reverse factoring

3m Vinod Parmar
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Money market reforms: Navigating LVNAV, CNAV and VNAV

EEA Money market reforms: Navigating LVNAV, CNAV and VNAV

4m Victoria Beckett
Cash repatriation: The bar is now set

Cash Management Cash repatriation: The bar is now set

4m Bob Stark
New accounting standards may bring treasury losses: S&P interview

Accounting New accounting standards may bring treasury losses: S&P interview

6m Victoria Beckett
AFP interview: Treasurers prepare for US interest rate hike with synthetic euro debt

Economy AFP interview: Treasurers prepare for US interest rate hike with synthetic euro debt

7m Victoria Beckett
AFP Day 1: Rising interest rates and blockchain use cases

Banking AFP Day 1: Rising interest rates and blockchain use cases

7m Victoria Beckett
TreasuryXpress Receives Major Growth Investment

EEA TreasuryXpress Receives Major Growth Investment

7m Guest Writer