Out Of Manpower

Manpower's latest quarterly hiring survey shows future hiring at the worst levels in the survey's 47 year history. It has never been negative before, not even last year. In 12 months we've gone from 9% to negative 3% net firms planning to hire in 4th quarter.

For each industry, here are the figures for the net employment outlook for the fourth quarter, not seasonally adjusted, in order of most negative outlook first.

Construction, -10%, down from 2% for the third quarter

Mining, -9%, flat from -9%

Transportation and utilities, -9%, down from -3%

Government, -8%, down from -4%

Manufacturing, durable goods, -8%, down from -6%

Information, -5%, down from -4%

Manufacturing, nondurable goods, -3%, down from 0%

Other services, -1%, down from 0%

Financial activities, 1%, down from 2%

That's right, the only sector of the entire economy planning to hire in the fourth quarter? Financial sector.

What recovery?