Scorelogix® Manufacturing Job Security Index™ Decreased 2.6% in August 2008
The ScoreLogix® Manufacturing Job Security Index™ decreased by 2.6 percent in August, marking 11 months of decline in the past 13 months.Since August of 2007, the Manufacturing Job Security Index has fallen by more than 37 points, a reduction of 23.5 percent.
All of the US census regions posted lower Manufacturing job security levels in August than in July. The regions which experienced the largest decrease in Manufacturing job security were the East South Central and East North Central regions at 4.5 and 4.1 percent, respectively. The West South Central region recorded the mildest decrease in job security at 1.6 percent.
The downward trend in Manufacturing job security continues, as does the downward trend in the National JSI.Manufacturing remains stronger than average job security across all sectors, in part because a weak dollar promotes increased manufacturing exports, and also because manufacturing remains a key component to the success of many other sectors, and in many ways, continues to serve as the foundation upon which other industries are built.
To obtain further information about Scorelogix’s Job Security Index, or to receive a more in depth analysis of the data provided above, please visit www.scorelogix.com or email Bill Dougherty @ bill.dougherty@scorelogix.com.
Manufacturing Job Security Struggles Continue in July
7.2% Decline Since April 2008 Signals
The Scorelogix® Job Security Index™ for the Manufacturing sector fell by 2.7 percent in July, marking the third month in a row that Manufacturing job security has decreased. Since July 2007, the Manufacturing Job Security Index™ has fallen ten times, and has experienced an 18.7 % decline.Many factors contribute to this decline.It is attributable to the weakness in the housing market, and the subsequent cessation of new home building.It is affected by rising fuel costs and high inflation, which increase operating costs and squeeze employers into taking broad cost cutting measures.Additionally, the continuing failure of American car manufacturers to compete in the global market has created a dearth in the demand for auto related manufacturing goods.All of this, and the generally weak US economy, fosters an atmosphere where job insecurity in Manufacturing is rising.
The decline in job security in Manufacturing has occurred across all nine of the US census regions.The regions which experienced the largest drop were the East North Central and Pacific regions.The West South Central and Mountain regions recorded the smallest decrease in Manufacturing job security at 1.7 percent.
The strongest individual States for Manufacturing job security include South Dakota, Wyoming, Utah, and Nebraska.Michigan is by far the weakest State for Manufacturing job security, with Mississippi, Rhode Island, Alaska, and California all struggling in this regard as well.
Top 10 States: JSI
1
South Dakota
193.6
2
Wyoming
188.8
3
Utah
181.5
4
Nebraska
180.9
5
Idaho
180.1
6
North Dakota
178.9
7
Iowa
170.4
8
Oklahoma
169.9
9
New Hampshire
166.7
10
Hawaii
166.1
Bottom 10 States: JSI
1
Michigan
66.9
2
Mississippi
91.1
3
Rhode Island
92.6
4
Alaska
99.4
5
California
103.2
6
Illinois
105.9
7
District Of Columbia
108.9
8
Ohio
112.0
9
Tennessee
112.5
10
Kentucky
112.8
The downward trend in Manufacturing job security continues.Still, it manages, at 132.4, to hover slightly above the National Job Security Score, which in July rated 124.0.This overall greater strength in the Manufacturing industry, comparative to the rest of the country, can be attributed to the fact that a weak dollar promotes increased manufacturing exports.Also, domestically, Manufacturing remains a key component to the success of many other sectors, and in many ways, continues to serve as the foundation upon which other industries are built.
To obtain further information about Scorelogix’s Job Security Index, or to receive a more in depth analysis of the data provided above, please visit www.scorelogix.com or email Bill Dougherty @
Scorelogix® Manufacturing Job Security Index™ Decreased 2.6% in August 2008
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