Forty Percent Layoff Employees in 2002

John Wolz

Forty percent of FIN Survey participants reported their companies laid off employees during 2002.
That follows 45.4% of fastener companies reporting layoffs during 2001.
Only 18.5% added employees, and 39.3% reported employment remained level during 2002.
A year ago, nearly two-thirds of the FIN Survey participants predicted no increase in employment during 2002, and another 13.5% anticipated decreases. With a total of 78.7% predicting no increase FIN Survey participants proved prophetic, as at the end of the year a total of 79.3% reported either no change or a decrease.
For next year 65.9% forecast no change, 9.6% anticipate reducing the number of employees, while 22.2% plan on increasing jobs.
Nearly 44% of manufacturers reported job reductions in 2002, compared with 37% of distributors. However, 22.9% of manufacturers increased employment, but only 14.8% of distributors added jobs.

\ �2003 FastenerNews.com