This month, the Bureau of Labor Statistics released their monthly economic report, touting the current hiring situation and health of the economy. This report showed that the United States added 217,000 positions to the overall labor force in May 2014. Because this number was fairly lackluster compared to last year’s report, the unemployment rate remained stagnant, sitting at 6.3 percent.
What about Temporary Help Services?
Temporary Help Services, a sub-sector of Professional and Business Services, saw significant boosts upward at the beginning of 2014 and continued to chug along splendidly into the second quarter of the year.
This month, temporary health services saw moderate growth, adding an additional 14,300 jobs to the already strong sub-sector. Since last year, temporary help services added 224,000 jobs to the U.S. economy. Currently, we have almost 2.9 million temporary workers in the United States.
Temporary Penetration Rate still strong
May’s Temporary Employment Penetration Rate is still high, sitting at 2.065 percent, according to the BLS. With the upkeep of the temporary employment penetration rate and a record reliance on temporary employees in the United States, staffing companies are seeing strong results.
Staffing companies accounted for 2.06 percent of non-farm payrolls in May. The percentage rose for the 19th time in the past 20 months, with October 2013 being the only exception. This could be pointed back to last year’s government shutdown.
Noteworthy: BLS Revisions of May’s Report
In this month’s report, the BLS noted minor revisions regarding May’s report. Prior to revision, May reported the addition of 288,000 jobs in April, however it has since been changed to 282,000. The temporary employment penetration rate, originally reported at 2.065 percent was since revised at 2.058 percent.
Be Involved: What are your thoughts about June’s report?
Do you think temporary hiring will keep up the momentum through the rest of 2014? What do you think July will reveal with the start of temporary employment for the summertime? Share your thoughts with us in the comments section below!