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June 9, 2009
Job outlook stable

NEW YORK - A FORWARD-LOOKING measure of hiring expectations held steady in the United States and other large economies amid signs employment is starting to stabilise, but prospects in several countries worsened, according to a quarterly survey by Manpower Inc.

The global staffing services company said its seasonally adjusted US net employment outlook remained at minus-2 for the third quarter, unchanged from the second quarter but down from a reading of plus-12 a year ago.

The index measures the difference between employers who plan to add jobs and those who expect to cut them. The company adds seasonal adjustments in countries where its survey data goes back at least four years.

'Overall it's pointing to some real stability, which is massively important,' Manpower Chief Executive Jeff Joerres said, adding that Friday's US jobs report also hinted at stability.

Last week, the government reported the loss of 345,000 jobs outside the US farm sector in May, the fewest cuts since September, with the unemployment rate jumping to 9.4 per cent.

The job cuts were smaller than economists expected.

US sectors where hiring managers expect to add workers include construction, wholesale and retail trade, non-durable goods manufacturing and leisure and hospitality. Sectors in which prospects are worse than three months ago include government, education and health services, according to the survey released on Tuesday.

Manpower's US survey, based on interviews with about 28,000 employers, dates back to 1962 and is considered a leading indicator of labour trends. The index peaked this decade near 25, shortly before the 2001 recession.

The Milwaukee-based company does business in 80 countries and generates the bulk of its sales and profits outside the United States. Its international survey included responses from 70,000 employers. -- THOMSON REUTERS

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