Personnel employment lost 186,000 jobs from 4Q23 to 1Q24.
a quarter-on-quarter decline of 7.7%
ALEXANDRIA, Va. , June 27, 2024 /PRNewswire/ — US staffing companies hired an average of 2.2 million temporary and contract workers per week in the first quarter of 2024, according to data released today by the American Staffing Association – down by 186,000 from the fourth quarter of 2023.
On a quarterly basis, employee employment and sales typically decline in the first quarter, increase in subsequent quarters, and peak in the fourth quarter. Staffing, however, fell at the end of 2023 as the industry faced tightening macroeconomic conditions that slowed staffing growth. Thus, while a quarter-on-quarter decline of 7.7% in staff employment is on par with the average since 2008, year-on-year staff employment fell by 13.9%.
Sales of temporary and contract staff declined similarly. Totaling $31.5 billion in the first quarter of 2024, staffing sales were down 8.4% from the fourth quarter of 2023 and down 15.9% from the first quarter of 2023.
“The labor market remains healthy despite some erosion from tightening economic conditions. Growth is strong but concentrated in a handful of sectors, raising the bar for staffing and recruiting companies as they find new opportunities to to serve clients and talent.Staffing companies are often the first to face lower labor demand costs and the first to benefit from the growth that lies across the border, with the increasing likelihood of a slight decrease, hiring and recruiting companies are cautiously optimistic about the second half of the year as economic conditions normalize,” said Richard Wahlquist, ASA chief executive.
Looking ahead, private staffing companies are forecasting their third-quarter revenue to rise 1.6% year-over-year and their sales for 2024 to rise 0.7%, compared to 2023.
To learn more about the ASA’s quarterly Staffing and Sales Survey, visit americanstaffing.net/quarterly-surveyor follow ASA research on I tweet.
orabout the American Staffing Association
The American Staffing Association is the voice of the US staffing, recruiting and workforce solutions industry. ASA and its state affiliates advance the interests of industry in all sectors through advocacy, research, education and promotion of high standards of legal, ethical and professional practices. For more information about the ASA, visit americanstaffing.net.
CONTACT
Megan Sweeney
American Staffing Association
703-253-1151
msweeney@americanstaffing.net
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SOURCE American Staffing Association
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