The Temp Staffing Index broke out of its flat line to a new multi-year high last week. The index hit 96, a level not seen since 2007 . As I said in previous posts, growth may be being held back due to those previous temp workers who are now unemployed because the business they had worked in being closed as a result of Sandy. We must also remember November is normally a ramp up in temp employment to Christmas so the underlying trends in it are favorable. I’m inclined to say Sandy retarded growth initially and we should see better readings continue in the next few weeks.
The good news is it that despite everything, the index has risen 4% YOY and 28% since Jan 2012
The Chart:
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