Current Snapshot of the Staffing Industry
While we ended 2017 without seeing much change compared to the year before, things are looking up this year. The 2017 4Q reports showed an average of 3.34 million employed each week through staffing agencies, a 0.0% increase from the same quarter the previous year. However, economists are projecting the 2Q 2018 GDP to increase 3.2%. This is highly correlated with staffing and the current 4-week running staffing index and reports from April match this outlook.
According to the American Staffing Association, the Staffing Index for last month was historically high. Using the week that contains the 12th of the month, April 9-15 had a 1.2% surge in staffing employment for an index rating of 96—the strongest reading for the same week since the start of the ASA Staffing Index in 2006!
Temporary and contract staffing employment increased 3.0% that week in April 2018 compared to the same week last year. When looking at our March to April numbers, temp jobs increased 0.3%, and the month of April overall had a 3.9% increase over April 2017 according to seasonally adjusted values from the US Bureau of Labor Statistics.
Year-to-year, the first 4 months of 2018 saw an average growth of 3.8% per month, a great increase from the 2.2% per month average we saw for all of 2017. Job gains averaged 208,000 each month for the past 3 months—again, much higher than the 2017 12-month average of 191,000 per month.
Even the unemployment rate dropped after staying steady at 4.1% for the past 6 months. In April it lowered to 3.9% for the first time since April 2000.
Our current ASA Staffing Index, which is based off a running 4-week report, is at a 2.6% increase year-to-year averaged over the 4 week period ending May 6, 2018, putting the Index at 96. The Index is based on a June 2006 baseline value of 100. You can learn more about it on the American Staffing Association website.
The team here at TransHire in South Florida is looking forward to continuing to grow the rest of this year! Find out more about us and our locations in Miami and Ft. Lauderdale at transhiregroup.com.