A recent report indicates that that while employment trends have generally slowed over the last couple months, they are becoming more sustainable and employment growth is obvious, which is important news for contract workers over the next few months.
While the most recent employment report from the U.S. Bureau of Labor Statistics indicates that hiring was growing, with the addition of 169,000 jobs, but these rates are not as rapid as some have predicted. However, this may not necessarily be a bad thing.
According to NBC News, recent employment trends have been slow, but moving steadily in a positive direction. This is encouraging news because it indicates that the job growth is consistent rather than experiencing rapid fluctuations.
A recent report has further confirmed this trend. A major employment indicator, the Conference Board Employment Trends Index, edged up during the month of August from 112.8 to 113.54. This growth marks a year-over-year gain of 4.5 percent compared to a year ago.
"The growth of the Employment Trends Index in recent months suggests that employment is likely to moderately expand through the fall," said Conference Board's Director of Macroeconomic Research, Gad Levanon. "The slowing down of employment in the past two months brings the six-month trend to a more sustainable rate."
One form of employment that has grown common with this expansion is contract work. This slow but steady rise means that companies are still managing strict budgets, for which contract labor solutions are a perfect fit. By being able to take on labor only when necessary, companies can keep their labor costs lean and agile.
However, contingent labor is not the same across the board. Some temporary staffing agencies will simply place workers at a job site with no further guidance beyond that, while other alternative staffing solutions can provide training and compensation based on performance which can help boost productivity for these new employees through better oversight.