The temp staffing index cam in essentially flat last week at 86. The index has been hovering withing a point of this level for the last 6 weeks. While this does tell us that we may see some of the impressive jobs gains we have seen slow, we have to be aware that the index sits comfortably above last years level of 77 implying continued growth. See chart below:
Same data, just a different chart:
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It is important to notice that it is not by any means unusual for the index to “pause” this time of year and in fact in 3 of the last 4 years that is precisely what has happened. As long as we do not see it begin to slip, one can expect the current employment trends to continue.