Low Layoff Rate Lifts IT Confidence

A record low number of layoffs and an increase in sentiments regarding personal finances led to a surge in IT worker confidence in November, according to a new report.

A record low number of layoffs led to a surge in IT worker confidence in November, according an index released by Hudson, a New York-based staffing and outsourcing company.

The increase in tech worker confidence—up 6.2 Index points to 115.8—is attributed to improved sentiments regarding personal finance as well as decreased concern about job security. IT worker confidence is up 14.8 points from November 2005, and a total 12.7 points since August 2006.

Hiring expectations remained almost steady from October, dropping 1 point from 38 to 37 percent in November. Yet, at 14 percent, the number of workers reporting that their company would be laying off staff reached an all-time low in November, falling nearly 5 percent from the month prior.

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Confidence in personal finances boomed in November, rising 3 points from 48 to 51 percent since October. Fewer IT workers felt their financial situation was worsening in November, down 3 percent to 27 percent.

Down 4 percent from October, only 21 percent of IT workers were worried about losing their jobs in November.

Hudsons national Index, based on responses from workers nationwide across all industries, also increased substantially in November, jumping nearly 4 points to 105.3.

Improved hiring expectations as well as greater optimism toward personal finances led to the strongest national reading since April 2006.

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