US Temporary Jobs Rise in October; Total Payroll Growth Tops Estimates
What happened
Temporary jobs increased by 18,600 in October, marking a 3% year-over-year rise and a 0.7% month-over-month increase, according to the US Bureau of Labor Statistics. Total US nonfarm payrolls grew by 165,000 jobs in October, surpassing the 70,000 increase predicted by economists. The unemployment rate fell to 4.1%.
From staffingindustry.com
Why it matters
The labor market continues to firm up, with temporary employment totaling approximately 2.5 million jobs in October. SIA Economist Michael Schultz noted that the overall labor turnover is trending higher, which is considered positive for future staffing activity.
From staffingindustry.com
Who's involved
- Michael SchultzEconomist at SIA who commented on the labor market trends
- SIACompany whose economist commented on the staffing industry trends
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Community College of DenverSpeculative
The US labor market firming up might reduce the immediate demand for workforce shortage solutions, altering the collaboration's focus.