FIN SURVEY

Roughly 40% of fastener companies participating in the End of 2010 FIN Survey added jobs in 2010.
 

By contrast, more than 65% of fastener companies reported layoffs in 2009, including a 40.2% majority that cut more than 10% of its workforce during the year. Only 8.5% of companies added jobs in 2009.
 

Those figures followed jobs cuts by 40% of companies the previous year as orders fell.
 

The previous high was set in 2001 when 45.4% of companies cut their workforce.
 

About 33% reduced their workforce by less than 10% last year, while another 3% slashed more than 10% of jobs and 23% operated at current staffing levels.
 

Nearly 84% of manufacturers reported job cuts in 2009 including 51.6% who trimmed their workforce by more than 10%. Only 3.2% of manufacturers added jobs in 2009.
 

Just over 48% of distributors cut jobs in 2009, while 40.5% had a stable workforce and 11% added jobs.
 

The FIN Survey found that 51% of companies intend to operate without adding jobs in 2011, while 47% plan to add to their workforce by more than 10% as the recovery continues. No companies anticipate laying off workers this year. ©2011 GlobalFastenerNews.com