ASA Staffing Index At Same Levels as 2007-2008
The American Staffing Association reported today that its weekly Staffing Index of temporary and contract employment increased to a year-to-date high of 93 for the week ending April 22, which was 9.4% above the year-ago level, almost 15% above the same week two years ago, and 2.2% above the previous week this year. For Week 17, it was the highest reading since 2008 (see top chart above), and just one point below the 94 index level for the comparable week in pre-recessionary 2007.
As a leading indicator of future, broader-based employment levels, the upward trend in the ASA Staffing Index this year, and the fact that it's at comparable levels in 2007 and 2008 would suggest that improvements in labor market conditions will continue in the coming months.
As a leading indicator of future, broader-based employment levels, the upward trend in the ASA Staffing Index this year, and the fact that it's at comparable levels in 2007 and 2008 would suggest that improvements in labor market conditions will continue in the coming months.
1 Comments:
LOL...You missed other reports that were not as postive.
Goldman commentary which mirrors ours:
The ADP estimate of private employment growth was +119k for April, below the consensus expectation for a 170k gain (growth in February and March was also revised down slightly). As with the official BLS count of employment, we believe that a “payback” from warm weather earlier in the year could explain some of the slowing in the ADP measure in both March and April.
Results from the ADP report were mixed across industries. Employment at goods producing firms declined by 4k, with declines of 5k in both manufacturing and construction employment. The decline in manufacturing employment looks at odds with other information on the sector, such as yesterday’s ISM report. The drop in construction employment may be partly weather-related. Service sector employment rose by +123k, down from +158k in March and +184k in February.
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