Today's labor picture is a far cry from that of a year ago, when unemployment was at 4 percent, and headed for a 30-year low of 3.9 percent, and Fed officials worried that the economy was running out of workers. That's no longer the case. Many chief executives have expressed concern that they may have to fire more workers. A recent Conference Board survey found that the share of executives who expected a decrease in employment rose in the first quarter to more than 50 percent during the first three months of 2001, up from 22 percent a year ago. About 19 percent of respondents anticipated an increase in employment levels in their industries, down from 34 percent last year.
Cost savings are an impetus for the job cuts.
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