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Executives Divided Over Employment Market's Prospects -- In The Wake Of Hurricane Katrina
www.execunet.com – September 15, 2005 – Following a sharp increase in job growth during the first half of 2005, executives are expressing caution about the employment market's ability to sustain its growth in the months ahead. In September, results of ExecuNet's monthly Executive Employment Outlook (EEO) survey were mixed, as the effects of hurricane Katrina on the employment market remained unclear.
According to the survey of 115 executives, 32% are "confident" or "very confident" the executive employment market will improve during the next six months, 43% are "somewhat confident," and 25% are "not confident" the employment market will improve during this time.
"The spike in energy prices that began earlier this year and accelerated after hurricane Katrina hit the Gulf Coast, presents a potential threat to the employment market's continued growth," says Mark Anderson, President of ExecuNet. "However, with oil prices quickly falling from record highs reached two weeks ago, we don't expect companies will be forced to make any significant changes to their hiring plans heading into 2006."
More than half of all executives (57%) believe hurricane Katrina will have an impact on the executive employment market during the next three months. Many foresee that there will be a "slowdown in the economy" that will "defer hiring decisions." However, many others believe there will be a "surge in job opportunities" as "companies look to expand business opportunities to assist in the rebuild."
"During the past two weeks, we have not seen the drop-off in executive job creation that followed 9/11," Anderson explains. "Recruiters we speak with every day are not seeing companies retrench their hiring demands at this point."
In other indicators, among executives looking for a new opportunity, time spent in a job search average 4.4 months – down slightly from 4.6 months in August. During the past thirty days, they had an average of 2.5 interviews – nearly unchanged from one month ago (2.6).
ExecuNet, a career management and recruiting network for executives and recruiters, is a recognized authority in executive hiring and recruiting trends. ExecuNet helps members identify career opportunities and attain professional success by providing exclusive job postings, opportunities and tactics designed to expand personal and professional networks, and career advancement strategies.
Founded in 1988, ExecuNet also serves recruiters and corporations as a leading source of top-tier executive talent and proprietary research. For more information on ExecuNet visit www.execunet.com
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