Bloomberg (03/03/13) Steve Matthews; Rich Miller; Jeanna Smialek
Record-long spells of joblessness are waning, new data from the U.S. Department of Labor show. The median duration people spend looking for work declined to 16 weeks in January from 25 weeks in June 2010. Fewer people are competing for each job, and persistent long-term unemployment is starting to abate. As the slack in the labor market tightens, temporary staffing firms will see an increase in demand, says Jeffrey M. Silber, BMO Capital Markets senior analyst in New York. “As it becomes more difficult to find qualified labor, you need to use outside experts—whether temporary staffing providers or full-time recruiters—to help fill these positions,” he says.
A tightening labor market “should help pricing power of staffing firms prospectively,” says Andrew Steinerman, a business-services analyst in New York at JPMorgan Chase & Co.
U.S. Factories Outpace Their Global Rivals
Wall Street Journal (03/03/13) Neil Shah
The Institute for Supply Management’s measure of U.S. factory activity rose in February for the third consecutive month to 54.2. A number above 50 points to growth. Exports rose to a nine-month high, and new orders and order backlogs, both of which indicate future business, climbed significantly. U.S. “manufacturers are now seeing a rebound in domestic demand, especially the early cyclical industries,” says Joseph Carson, an economist at Alliance Bernstein. An ISM index tracking new orders rose to 57.8 from 53.3 in January—the biggest jump since March 2010—while a separate index for production rose to 57.6 from 53.6. The “overall tone in manufacturing is clearly positive,” says Brad Holcomb, chairman of the ISM’s manufacturing-survey panel. “As for how sustainable this is, we suspect we will stay in a pretty tight range for the next couple of months.”
The Institute for Supply Management’s measure of U.S. factory activity rose in February for the third consecutive month to 54.2. A number above 50 points to growth. Exports rose to a nine-month high, and new orders and order backlogs, both of which indicate future business, climbed significantly. U.S. “manufacturers are now seeing a rebound in domestic demand, especially the early cyclical industries,” says Joseph Carson, an economist at Alliance Bernstein. An ISM index tracking new orders rose to 57.8 from 53.3 in January—the biggest jump since March 2010—while a separate index for production rose to 57.6 from 53.6. The “overall tone in manufacturing is clearly positive,” says Brad Holcomb, chairman of the ISM’s manufacturing-survey panel. “As for how sustainable this is, we suspect we will stay in a pretty tight range for the next couple of months.”
U.S. Consumer Spending Flat in February
Gallup Economy (03/01/13) Dennis Jacobe
Gallup’s consumer spending measure for February, based on a survey of 12,384 U.S. adults, showed little change from January at an average of $83 per day versus $80, down from $106 per day in February 2008. However, spending among upper-income Americans reached an average of $141, close to the $148 per day average for that group in February 2008. Spending among middle- and lower-income consumers barely budged at $72 in February from $70 in January, lagging behind the $95 per day average in February 2008. Consumer spending has not caught up with spending in the early stages of the recession and prior to the financial crisis, leading experts to believe that job growth must improve to increase consumer spending.
Gallup’s consumer spending measure for February, based on a survey of 12,384 U.S. adults, showed little change from January at an average of $83 per day versus $80, down from $106 per day in February 2008. However, spending among upper-income Americans reached an average of $141, close to the $148 per day average for that group in February 2008. Spending among middle- and lower-income consumers barely budged at $72 in February from $70 in January, lagging behind the $95 per day average in February 2008. Consumer spending has not caught up with spending in the early stages of the recession and prior to the financial crisis, leading experts to believe that job growth must improve to increase consumer spending.
Don’t Miss the Free ASAPro Webinars This Month
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Don’t Miss This Upcoming Education From ASA
The next few weeks will be full of educational opportunities from ASA. These upcoming ASAPro webinars will explain how to prepare for U.S. Immigration and Customs Enforcement investigations, how to embrace change, and more.
March 7—”2013 ASA Compensation Survey“
The 2013 ASA Staffing Industry Compensation Survey collects information on salaries, variable pay, and benefits for 29 positions specific to the staffing industry. Attend this ASAPro webinar for an overview, including how to get started and how to create custom reports.
March 14—”Be Prepared for Immigration and Customs Enforcement Investigations“
Is your company prepared to receive a Notice of Inspection from U.S. Immigration and Customs Enforcement? Helen L. Konrad, Esq., of McCandlish Holton PC will explain how to prepare for investigation by ICE and how to make sure that your company has the required documents—and that they are complete and accurate.
March 21—”Championing Change: How to Embrace and Thrive Amid Change“
Staffing professionals don’t have to love change, but Linda Sasser of Impacting Leaders says they should respect it, appreciate it, and use it as an opportunity to grow. Learn how to handle unexpected changes and create a culture that embraces change.
ASAPro webinars are $295 for nonmembers and qualify for continuing education hours toward ASA certification renewal. Join ASA and enjoy ASAPro webinars for FREE.
March 7—”2013 ASA Compensation Survey“
The 2013 ASA Staffing Industry Compensation Survey collects information on salaries, variable pay, and benefits for 29 positions specific to the staffing industry. Attend this ASAPro webinar for an overview, including how to get started and how to create custom reports.
March 14—”Be Prepared for Immigration and Customs Enforcement Investigations“
Is your company prepared to receive a Notice of Inspection from U.S. Immigration and Customs Enforcement? Helen L. Konrad, Esq., of McCandlish Holton PC will explain how to prepare for investigation by ICE and how to make sure that your company has the required documents—and that they are complete and accurate.
March 21—”Championing Change: How to Embrace and Thrive Amid Change“
Staffing professionals don’t have to love change, but Linda Sasser of Impacting Leaders says they should respect it, appreciate it, and use it as an opportunity to grow. Learn how to handle unexpected changes and create a culture that embraces change.
ASAPro webinars are $295 for nonmembers and qualify for continuing education hours toward ASA certification renewal. Join ASA and enjoy ASAPro webinars for FREE.
Regulators Crack Down on Classifying Workers as Contractors
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New Guidance Defining ‘Son or Daughter’ Under the Family and Medical Leave Act
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Recovery in U.S. Is Lifting Profits, but Not Adding Jobs
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Tax Professionals Will Continue to Be in Great Demand for Years
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