Jason Sandefur

About one in four fastener companies grew their workforce in 2008, down from the more than 36% who added jobs in 2007. A larger number of firms (31.9%) maintained steady staffing levels, while 42.4% reduced their workforce.
The number of companies planning to add more workers in the coming year dropped to 13.9% for 2009, down from the 31% forecasting job growth at the beginning of 2008. Just over 40% intend to operate with their current number of employees in 2009, while 38.9% of survey participants foresee job cuts.
The percentage of manufacturers adding jobs in 2008 slipped to 26%, compared with 47.5% the previous year. The percentage of manufacturers trimming their workforce rose to 44%, well above the 40.7% recorded in 2006. Just over 28% of manufacturers reported no changes in personnel strength.
Distributors added jobs at a slower pace, with 19.2% increasing personnel in 2008. More than 43% trimmed their payroll, while 35.9% kept staffing levels stable.
Manufacturers trimmed expectations for 2009, with only 8% planning to add jobs. Nearly four in 10 hope to keep their workforce stable, while 46% predict job cuts.
Among distributors, one in three intend to trim their workforce in 2009, 42.3% intend to keep staffing levels stable, and 17.9% plan job increases over the next year. �2009 FastenerNews.com