The Conference Board Employment Trends Index Increased in May
Conference Board News Release
The Conference Board Employment Trends Index rose in May to 118.58, up from 117.32 (a downward revision) in April. This represents a 5.4% gain in the ETI compared with a year ago.
“The need for employers to rapidly expand their payroll in light of strengthening economic activity is a major factor in the rapid decline in the unemployment rate,” says Gad Levanon, director of macroeconomic research at the Conference Board.
May’s increase in the ETI was driven by positive contributions from seven of its eight components, including number of temporary employees.
Job Market Recovers Losses Yet Appears Weaker
(06/08/14) Josh Boak; Christopher S. Rugaber
While the most recent jobs report indicates that the U.S. economy has finally regained the jobs lost during the Great Recession, many economists believe the figures underscore a transformation in the labor market. The construction industry still has not regained 1.49 million jobs, and factories have 1.65 million fewer workers, which some attribute to new technologies that boost productivity while requiring less manpower.
Additionally, the number of part-time workers has jumped 2.5 million since the recession to over 27.2 million. Meanwhile, the economy has 2.9 million fewer full-time workers than before the recession.
Jobs Return to Peak, but Quality Lags
Wall Street Journal
(06/09/14) Eric Morath
The U.S. has regained all the jobs lost since the recession began in late 2007. Economists note that there are fewer jobs in manufacturing and construction and more jobs in food service, retail, and temporary help. Overall, the workforce participation rate has shrunk to 62.8%, down from 66.2% at the beginning of 2008 and near its lowest level since the late 1970s.
Fed’s Powell: Labor Market Has Recovered ‘Substantially’
(06/06/14) Sara Sjolin
U.S. Federal Reserve Gov. Jerome Powell said on Friday that the U.S. labor market has recovered substantially since the economic downturn, but he is concerned about the declining workforce participation rate. The workforce participation rate “has declined significantly more than simple demographics would indicate,” Powell said. “That suggests that there’s a group of people who are not formally in the labor force, but would still like to work.”
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Staffing Industry Veteran Leaves Behind Legacy of Support
Technical staffing industry veteran Jerry Block, who was an originator and supporter of the National Technical Services Association, passed away on May 20. He was 86.
Block began his staffing career with Volt Information Sciences Inc. in the 1950s and helped create the technical staffing foundation at Volt. He retired from Volt in 1993 and joined his son Monte Block at Rotator Staffing Services Inc.
Jerry Block is survived by his wife of 62 years Barbara. He is also survived by his son Monte, daughter-in-law Linda, and three grandchildren, Bradley, Shannon, and Jourdan—all of whom have careers in the staffing industry. Shannon Block, CSP, currently serves as the American Staffing Association health care policy council leader.