Gallup’s U.S. Job Creation Index slipped to +17 in July, after registering at or near +20 from April through June. Despite the drop, the +17 continues to be one of the more positive net hiring values Gallup has recorded since 2009, though it still trails the readings seen as the 2008-2009 recession was just starting.
The Gallup Job Creation Index is a measure of U.S. adult employees’ perceptions of hiring conditions where they work. On average in July, 34% of all full- and part-time workers said their employers are hiring and expanding the size of their workforces, and 17% said their employers are letting workers go and reducing the size of their workforces, resulting in the +17 net hiring figure.
The hiring component of the index fell slightly to 34% in July, from 36% in June, while the firing component moved to 17%, from 16%. This backslide in hiring mirrors Americans’ flagging economic confidence in July.
There appears to be NO sustained economic recovery at this point of the Presidential election cycle. Certainly, President Obama is not going to be able to point to an improving job’s climate the past few months.
What are the implications?
These figures will be exploited by the Republican Mitt Romney during the fall campaign.
Here is the Hiring Vs. Firing Chart for the same time period: