Global Fastener News

FIN Survey: Fastener Layoffs Grow

Jason Sandefur

More than 42% of fastener companies participating in the End of 2008 FIN Survey laid off workers in 2008. An additional 32% operated at current staffing levels, while one in four fastener companies added jobs during the year.

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, the FIN Survey found. 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 intends 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