Stay updated on the latest staffing industry trends through our monthly staffing update and on our staffing industry news page.
Hello, and welcome to TCI Business Capital’s June staffing industry update.
As more states ease the stay at home orders, it’s a good time to take a look at what’s happening in the staffing industry. Here’s the latest chatter.
On Friday, June 5th, the Bureau of Labor Statistics released the May Employment Situation Summary. The BLS reported total non-farm payroll employment rose by 2.5 million in May and the unemployment rate dropped to 13.3 percent. The areas showing the biggest gains are leisure and hospitality, construction, education and health services, and retail trade.
Looking at staffing employment, the American Staffing Association reports staffing employment for the week of May 11 – 17 was up 1.2 percent from the previous week, but down 36 percent compared to the same time in 2019. The ongoing COVID-19 pandemic is to blame.
Staffing Industry Analysts reported on June 8th the Conference Board’s employment Index rose in May compared to April, but only 11 percent of the jobs lost in March and April have been regained. The Employment Trends Index reading for May is 46.28, up from 42.53 in April. However, it’s down 57.9 percent compared to a year ago.
Lastly, as more states ease stay at home orders and businesses establish new operating guidelines, staffing agencies should look for opportunities within the new normal. Cleaning and sanitation companies will have a higher demand and the need for additional staff will follow. Temporary health care specialists will also be in demand as COVID-19 testing and health screenings increase.
At TCI Business Capital, we want to help your business succeed. Subscribe to our email to stay up to date on what’s going on in the staffing world.
Since 1994, TCI Business Capital has provided payroll funding solutions to staffing agencies across the United States. Payroll funding pays you immediately on your invoices, so you’ll be able to meet payroll, accept more contracts, and grow your agency. Visit our payroll funding page to learn more about our services.