ASA Staffing Index Edges Up
Staffing employment for the week of July 6-12 rose to 94.34, according to the ASA Staffing Index. Temporary and contract staffing employment increased 1.27% from the prior week. Survey respondents attribute the increase to the upswing in hiring after the Independence Day holiday. Staffing employment was 2.99% lower than the same week last year. This week, containing the 12th, will be used in the July monthly employment situation report that will be issued by the U.S. Bureau of Labor Statistics on Aug. 7.
Regional Economic Report
New Jersey's slow economic recovery continues, but broadening job gains hold out hope that the expansion is starting to pick up steam."
In June, the New Jersey unemployment rate gapped down to 6.1%, the lowest rate since October 2008. A decent rise in the labor force shows that workers are becoming more confident about finding a job in the state. Still, the progress on the unemployment front has been slow as the rate is well above the nation's 5.3% level.
Job gains, which tanked with the layoffs in the gaming sector, have accelerated over the past fifteen months. While the 1% increase in payrolls between June 2014 and June 2015 was only one-half the national rate, we are finally seeing gains spread across almost all sectors. Indeed, in June, only one key component, professional and business services, posted job losses over the year.
Solid employment increases were seen in manufacturing, construction, information services, trade, education and health care. There was even a small rise in public sector employment, though the state is still cutting back. That said, the New Jersey has yet to recover all the positions lost in the recession, something the U.S. did over a year ago. A lot more jobs need to be created if New Jersey is going to get back to national standards.
(Source: Naroff Report)