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.