Who Tracks the Staffing Industry?
...Bureau of Labor Statistics, Economists and Wall Street
- 1/5/12 |
- 10:30 AM
- 2346 Views
Employment is just one measure of overall U.S. economic performance. In general, employment levels tend to increase as the economy expands and contracts during times of economic slowdown or recession. However, changes in overall employment levels tend to be delayed in monthly labor reports, and appear later than the period in which the trend occurred—making them a lagging indicator of economic trends. However, Denver staffing agencies and staffing agencies in general throughout the United States and globally have an excellent pulse on the economy and current hiring trends.
Temporary Help Services Tracked as Leading Indicator
Temporary help services, however, are generally considered to be a coincident indicator for economic activity and a leading indicator for overall employment. (Changes in temporary help employment tend to forecast subsequent changes in overall employment and coincide with changes in economic activity, as many companies use temporary help services as a means to quickly adjust their operations to meet fluctuating demands for their products and services.) Economists and Wall Street analysts frequently study trends in temporary services along with several other leading indicators to better understand economic activity.
BLS Monthly Employment Situation
Each month, the U.S. Bureau of Labor Statistics (BLS) releases monthly employment estimates for over 1,000 industries from its Current Employment Statistics program. These employment data sets are considered indicators of current economic trends. The program includes data from two surveys:
individual households, and
Data from the household survey are used to derive the monthly unemployment rate, while the business establishment survey, which the American Staffing Association (ASA) tracks, estimates industry employment levels.
BLS Tracks Staffing Industry by the North American Industry Classification System (NAICS)
Industries included in the BLS establishment survey are identified by the North American Industry Classification System (NAICS). The system includes 20 "super sectors," under which similar industries are grouped and then categorized by codes (unique numeric identifiers). The staffing industry is surveyed by BLS in the Professional and Business Services super sector, under the following industry categories and codes:
- Employment services - 60561300
- Employment placement agencies - 60561310
- Temporary help services - 60561320
BLS employment data is generally released at 8:30 a.m. EST on the first Friday of every month. (More specifically, the third Friday following the week that included the 12th of the month.)
Source: American Staffing Association (ASA)