Year-to-Year Gap Narrows, New Starts Up From Previous Week
ASA Staffing Index Monthly Report, September 2024
Staffing employment increased during the week of Sept. 9-15, with the ASA Staffing Index rising by 1.6% back to a rounded value of 90. Staffing jobs were down 11.2% compared with the same week last year, narrowing the gap by around a half percentage point from the previous week. Many staffing companies still listed the Labor Day holiday as a primary factor that prevented further growth.
New starts also rose in the 37th week of the year, up by 9.7% from the prior week. Close to six in 10 staffing companies (56%) reported gains in new assignments week-to-week, well above the average of 42% per week so far this year.
The ASA Staffing Index four-week moving average increased slightly from the prior week to hold at a rounded value of 89, and temporary and contract staffing employment for the four weeks ending Sept. 15 was 11.5% lower than the same period in 2023.
“Unlike the slow recovery following the Fourth of July holiday, the index recovered from the Labor Day holiday quickly. Although the labor market is more volatile than it was three months ago, the Labor Day rebound suggests the Fed’s recent actions are leading to a sense of cautious optimism among employers. The expectation for a long-term rebound in labor market conditions is likely to begin rebalancing the scales in the staffing industry’s favor,” said Noah Yosif, chief economist at ASA.
This week will be used in the September monthly employment situation report scheduled to be issued by the U.S. Bureau of Labor Statistics on Oct. 4.
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.
For more information, visit americanstaffing.net/index or follow ASA research on X.
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About the American Staffing Association (ASA)
The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. ASA and its state affiliates advance the interests of the industry across all sectors through advocacy, research, education, and the promotion of high standards of legal, ethical, and professional practices. For more information about ASA, visit americanstaffing.net.
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