40% Lay Off Employees in 2002
40% Lay Off Employees in 2002
Jason Sandefur
Forty percent of FIN Survey participants reported their companies laid off employees during 2002, down from 45.4% of fastener companies that reported layoffs in 2001.
Only 18.5% added employees in 2002, and 39.3% reported employment remained level.
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
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