Staffing employment holds steady in March
Staffing employment held steady during the week of March 11-17, with the ASA Staffing Index holding a rounded value of 90. Staffing jobs were down 8.4% from the same period last year. Staffing companies mentioned no one primary factor that limited further growth.
New starts, however, in the 11th week of the year decreased by 8.3% from the prior week. Nearly one-third of all staffing companies (32%) reported gains in new assignments week to week.
The ASA Staffing Index four-week moving average edged up from the prior week to hold at a rounded value of 90, and temporary and contract staffing employment for the four weeks ending Mar, 17 was 8.8% lower than the same period in 2023.
“Staffing employment did not realize a much-anticipated resurgence in growth at the beginning of 2024. Whether the industry has settled into a new post-pandemic equilibrium remains an open question, but current trends affirm that staffing companies must be more proactive about seeking opportunities amid reduced labor market churn,” said Noah Yosif, chief economist at ASA. “Staffing companies, like businesses in many other segments of the economy, are simply weathering the storm as economic conditions remain tight, while demand among clients and talent wanes.”
This week will be used in the March monthly employment situation report scheduled to be issued by the U.S. Bureau of Labor Statistics on April 5.
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.
