The Rasmussen Employment Index, a monthly measure of U.S. worker confidence in the employment market, fell sixteen points in October to 72.1. That’s the biggest single month drop and the lowest level of confidence ever recorded in the five-year history of the Index.

Just 17% of workers report that their companies are hiring while 21% report lay-offs are coming at their workplace. That’s the most negative assessment ever. A month ago, 23% said their firms were hiring while 20% said the opposite.

Forty-one percent (41%) of U.S. workers now say their personal finances are good or excellent. That’s down two percentage points from a month ago.

Only 21% say their personal finances are getting better, down eight points over the previous month. Fifty-three percent (53%) now report their finances are getting worse.

Twenty-three percent (23%) of workers now worry about losing their job in the near future.

Typically, a decrease in the Employment Index suggests that the government report on job creation will be weaker than the month before. (See history).

The Rasmussen Employment Index is based upon telephone interviews with approximately 9,000 employees each month. Results are released on the Tuesday preceding the government report on employment.

A related survey, the Discover Small Business Watch, found that the confidence of small business owners fell in September.

Another survey, the Rasmussen Consumer Index, found consumer and investor confidence falling to record lows during October.

See September's Employment Index.