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Accounting and finance workers' confidence appears to be swinging downward more steeply than among the U.S. adult population as a whole, new surveys show. Hudson Highland Group's monthly Hudson Employment Index for accounting and finance workers has declined in each of the past three months. The October reading of 109.0 is down 9 percent since July.
Spherion Corp., another nationwide recruiting and staffing firm, says its third-quarter survey found "overall" confidence improved among accounting and finance workers. But the main reason seems to be that fewer workers said they plan to change jobs – hardly a clear sign of increased confidence. At the same time, Spherion's survey showed that sentiment about the economy declined in the third quarter much more steeply among the accounting profession than among the broad U.S. adult population. The proportion of respondents in accounting and finance who believe the economy is getting weaker jumped 6 percentage points to 39 percent, while those who see the economy getting stronger shrank by the same amount, to 22 percent. Confidence in job availability also dropped, although accounting and finance workers' confidence in their own ability to find a new job edged higher in Spherion's survey.
The Hudson survey data are less ambiguous. The proportion who expect their company to cut staff jumped 6 percentage points in October to a 16-month high 21 percent. The portion who are worried about losing their own job also jumped 6 points, to 17 percent.
Spherion put a positive spin on its findings. "The demand for accounting and finance workers with specialized skills remained healthy throughout the third quarter of 2007 and I see no sign of it slowing down," said Brendan Courtney, senior vice president of Spherion's professional services group, in a statement. "Despite the recent turmoil in the credits market, many firms have not materially altered their hiring plans." Thanks in part to the Fed's rate cuts Courtney looks for demand for accounting and finance workers to continue strong, "particularly in sectors like private equity and structured finance.”
Separately, an annual AICPA survey on accounting practice management issues found once again that finding qualified staff at all levels "is the most critical concern" for the majority of U.S. firms with multiple professionals. Retaining qualified staff ranked second, and developing new partners ranked third – further testimony to the "staffing crisis facing the accounting profession," AICPA observed.
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