The nice people at the Bureau of Labor Statistics released the March 2011 Employment Situation data on Friday, and the picture is looking guardedly rosy.
Here’s the numbers:
Nationwide unemployment nudged down from 8.9% to 8.8%.
The private sector added 230,000 jobs, while the public sector cut 14,000 of them, for a net gain of 216,000 jobs.
The staffing industry added 29,000 jobs in March, a 1.3% increase from February and a 12.5% increase from March 2010.
That last one is pretty important, for a number of reasons. Employment is a “lagging indicator” of economic recovery; in general, the economy improves, then companies start hiring. Within the lagging indicator of employment, hiring by staffing firms is considered a “leading indicator,” meaning it foreshadows the trends of the larger category. By adding 29,000 jobs in March, the staffing industry is showing a strong lead, which indicates a strong employment recovery.
Now the important question: How can you make this news work for your company?
- Point out to your clients that many companies are using staffing firms to fill longer-term positions and to recruit for full-time hires so that management can focus on meeting increased demand.
- Show them how you can create a multi-tiered approach to hiring, from one-day assignments to multi-year projects to help them get exactly the right hiring mix.
- And let them know that all the economic signs point to a full recovery on the way, so they’ll want to be prepared, and you can help with that.
What about you? Are you seeing a recovery on yonder horizon? Do these numbers resonate with you? Let us know in the comments!
Written by: Catherine Cantieri