Almost Half of All Staffing Firms Report Gains in New Assignments
Staffing employment declined for the second week in a row during the week of Feb. 12-18, with the ASA Staffing Index decreasing by 1.0% to a rounded value of 90. Staffing companies mentioned no one primary factor that limited further growth. Staffing jobs were down 10.6% from the same period last year.
New starts, however, in the seventh week of the year increased by 9.9% from the prior week. Exactly four in 10 staffing companies (40%) reported gains in new assignments week to week.
The ASA Staffing Index four-week moving average increased from the prior week to a rounded value of 90, and temporary and contract staffing employment for the four weeks ending Feb. 18 was 11.0% lower than the same period in 2023.
“While staffing employment often moderates in February, it is typically preceded by a robust recovery in staffing jobs following the holiday season. An anemic early-year surge in 2024 is indicative of tightening business conditions, which continue to challenge the industry and economy at large,” said Noah Yosif, chief economist at ASA.
This week will be used in the February monthly employment situation report scheduled to be issued by the U.S. Bureau of Labor Statistics on March 8.
The ASA Staffing Index is reported nine days after each workweek, making it a near real-time measure of staffing employment trends. ASA Staffing Starts are the number of temporary and contract employees placed in new assignments during the reporting week. ASA research shows that staffing employment has historically been a coincident economic indicator.
Reference: americanstaffing.net