Unemployment rate drops for managers, professionals - Strategic Intelligence - Brief Article - Statistical Data Included

HR Magazine, July, 2002 by Steve Bates

The unemployment rate for managers and professionals appears to be decreasing, despite recent statistics indicating that overall unemployment is flat at best. That's good news for HR managers, according to the executive search firm Management Recruiters International (MRI)

The U.S. Department of Labor reported that the jobless rate for the managerial professional workforce segment dropped from 3.0 percent to 2.8 percent in April.

MRI president and CEO Allen Salikof says the managerial/professional rate change "is a bellwether of a healthier economy to come. Hiring of management level people usually reflects a longer-term view and means businesses are thinking more positively about the future economic environment."

Adds Salikof: "We are seeing companies loosening up the hiring process and setting hiring goals in an effort to plan for the future, as opposed to trying to figure out what went wrong over the last 12 months. Certainly not every industry is hot or even lukewarm, but many industries are turning the corner."

Steve Bates is senior writer for HR Magazine.