Ciett News Release (06/20/2013)

On June 20, the B20, the business voice of the Group of 20 Finance Ministers and Central Bank Governors (known as the G20), held its summit in St. Petersburg, Russia, where it launched new recommendations to restore economic growth and job creation.

As part of the recommendations, the B20 recognized the value of private employment services and temporary staffing firm work in creating jobs—quoting the example that 62% of businesses would not be able to create jobs without staffing firm work, and directly referencing the Ciett/BCG strategic report Adapting to Change. Also, the B20 recommendations on employment recognize the stepping-stone role of staffing firm work: Staffing firm work offers easy access to employment that often leads to other employment opportunities.

The full B20 document can be downloaded from ciett.org.

Conference Board News Release (06/20/13)

The Conference Board Leading Economic Index for the U.S. rose 0.1% in May to 95.2, after rising 0.8% in April and falling 0.3% in March. “Despite month-to-month volatility, the LEI’s six-month growth rate remains steady, suggesting that conditions in the economy remain resilient. Widespread gains in the leading indicators over the last six months suggest there is some upside potential for economic activity in the second half of the year,” says Ataman Ozyildirim, a Conference Board economist.

“Growth will depend on continued improvement in the housing market and an easing of consumer and business caution which would allow overall consumption and investment to gain traction. Cutbacks in public spending programs and the drag from foreign trade remain headwinds,” says Ken Goldstein, a Conference Board economist.

Wall Street Journal (06/20/13) Cynthia Lin

According to the Federal Reserve Bank of Philadelphia, business conditions for mid-Atlantic manufacturers in June climbed to levels unattained since April 2011. The index of general business activity within the factory sector hit 12.5, up from -5.2 in May, despite predictions from economists surveyed by Dow Jones Newswires that the index would only recover to -2. The New York Federal Reserve Bank’s index also rose, jumping to 7.84 from -1.43 in May, but Markit’s flash purchasing managers index slipped to 52.2 for June, demonstrating minimal expansion for U.S. factories. The Philadelphia Fed subindexes were generally positive, as both new orders and shipments increased; however, the employment index rose only three points to -5.4.