FIN SURVEY

More than 65% of fastener companies participating in the End of 2009 FIN Survey reported layoffs in 2009, including a 40.2% majority that cut more than 10% of its workforce during the year. Those figures followed jobs cuts by 40% of survey respondents the previous year as orders fell.

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

About one in four companies – 25.6% – were able to maintain current staffing levels, while only 8.5% of companies added jobs in 2009.

Nearly 84% of manufacturers reported job cuts last year, 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 worst may be over, however. The FIN Survey found that 25.3% of companies intend to add jobs in 2010, and more than 71% expect to operate at current staffing levels. Only 3.6% of fastener companies anticipate further cuts this year.

Manufacturers expect the biggest gains, with nearly 44% planning to add jobs in the coming months, while only an overwhelming 83.8% of distributors intend to function at current employee levels in 2010. ©2010 GlobalFastenerNews.com