US employment expectations fall to its lowest level since 2003

NEW YORK, Sept 9 (Reuters) A measure of US employment expectations fell to its lowest level since 2003, amid signs the US job market slowdown is spreading to economies around the globe, according to a quarterly survey by Manpower Inc released Tuesday.brThe staffing services company said its seasonally adjusted net employment outlook fell for the fourth consecutive quarter, reaching a level of 9, down from 12 last quarter and 18 a year ago. The index measures the difference between employers who plan to add jobs and those who expect to cut them.brWe are clearly in a softening period in the labor market that may be at recessionary levels, Manpower Chief Executive Jeff Joerres said.brIf the index were to fall to a level of 4 or 5, he added, it would be more similar to past recessions.brOf the 10 US sectors tracked by Manpower, only mining has an improved outlook for job seekers compared with the previous quarter. Prospects have weakened in six other sectors and are stable in three. brEmployers in the US wholesale and retail trade sector report their weakest hiring intentions since the third quarter of 1991, and the lowest fourth-quarter reading ever.brUS retailers have faced hard times before. But now the many negative factors-weak housing markets and construction activity, high energy costs and a slowing world economy-are coming together in the fourth quarter, suggesting a bleak outlook for the key US holiday shopping season. Employers in the western United States are especially cautious.