Wednesday, December 05, 2007

New England Economy: December

Two reports offer two different perspectives on the economy. Two recommendations remain crystal clear.

CEO Economic Outlook Survey

The CEO Economic Outlook Index is a quarterly report that indicates how CEOs believe the economy will perform in the six months ahead. The Index combines the responses of more than 100 CEOs in the following three areas:

The recently released fourth quarter survey results reveal the CEOs' belief in the underlying strength of the U.S. economy and the performance of their individual companies. In brief, CEOs expect the following over the next six months:

Hudson Employment Index

The Hudson Employment Index , however, paints a dramatically different picture. This Index measures the U.S. workforce's overall confidence in the employment market.

This national index just reached a record low.

The Boston Index mirrors the national sentiment as worker confidence reached new lows. Basically, one in five Beantown workers expect staff cuts at their companies in the coming months.

The good news is that information technology (IT) workers are more confident than average workers. IT workers expect fewer job cuts and greater hiring activity than the general economy.

Bottom Line

So, what do executives know that front line workers don't?

Even as the economy slows, executives have one secret weapon: they understand the value of networking.

According to ExecuNet's Executive Job Market Intelligence Report, higher level positions are filled primarily via networking.

In addition, executive recruiters also find qualified candidates via online research.

So, as we bring one year to a close and begin planning for a new one, consider developing a game plan to increase your professional network and improve your online presence. Nearly 75% of the opportunities you receive will likely come from one of these two sources.

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