A national survey projects a 36% drop in manufacturing sector hiring and a 23.5% drop in service sector hiring, when compared with February 2007 figures. That’s the biggest yearly drop in the four-year history of the Leading Indicators of National Employment (LINE) Report. Even the businesses that are hiring are still looking to cut costs during the recession—3.1% of manufacturing companies say they’re looking to cut new hire salaries, while 2.3% plan to increase what they pay new employees. The report is based on a survey of human resource workers at more than 1,000 manufacturing and service sector employers.
U.S. businesses project hiring plunge
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