Philadelphia region increases manufacturing employment, shortens work week
Posted on July 21st, 2011 Read time: 1 minutes
According to U.S. Labor Department statistics, the nation's unemploymen rate currently sits at 9.2 percent, and the constant focus on its fluctuations has done little to calm entrepreneurs and spur them to spend more and start hiring.
However, a recent report from the Federal Reserve Bank of Philadelphia may provide some hope for companies and provoke them to expand, even if only by hiring contract workers, Bloomberg reported.
According to the Business Outlook Survey, regional manufacturing firms reported modest hiring gains and a shrinking work week in June. Also, the employment index remained positive for the 11th consecutive month, increasing by five points.
"About 22 percent of the firms reported an increase in employment, up slightly from 14 percent last month," Bloomberg reported, citing the study. "Slightly more firms reported a shorter workweek (21 percent) than reported a longer one (15 percent) and the workweek index was down 7 points."
The index for future employment increased by five points as well.
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Posted on July 21st, 2011 Read time: 1 minutes
According to U.S. Labor Department statistics, the nation's unemploymen rate currently sits at 9.2 percent, and the constant focus on its fluctuations has done little to calm entrepreneurs and spur them to spend more and start hiring.
However, a recent report from the Federal Reserve Bank of Philadelphia may provide some hope for companies and provoke them to expand, even if only by hiring contract workers, Bloomberg reported.
According to the Business Outlook Survey, regional manufacturing firms reported modest hiring gains and a shrinking work week in June. Also, the employment index remained positive for the 11th consecutive month, increasing by five points.
"About 22 percent of the firms reported an increase in employment, up slightly from 14 percent last month," Bloomberg reported, citing the study. "Slightly more firms reported a shorter workweek (21 percent) than reported a longer one (15 percent) and the workweek index was down 7 points."
The index for future employment increased by five points as well.
