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Forecasters Anticipate Stable Growth in Fourth Quarter

Federal Reserve Bank of Philadelphia (11/17/14)

The outlook for growth in the U.S. economy over the next four years is little changed from the survey of three months ago, according to 42 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters expect real gross domestic product will grow at an annual rate of 2.7% this quarter, 2.8% next quarter, and 2.2% for 2014. The forecasters expect real GDP will grow 3.0% in 2015, 2.9% in 2016, and 2.7% in 2017.

An improved outlook for the unemployment rate accompanies the outlook for growth. The forecasters expect the unemployment rate will be an annual average of 6.2% in 2014, before falling to 5.6% in 2015, 5.4% in 2016, and 5.2% in 2017. The projections for 2014, 2015, and 2017 are a little below those of the last survey. The projection for 2016 remains unchanged.

On the jobs front, the panelists have revised upward their estimates for job gains in the next two quarters. The forecasters see nonfarm payroll employment growing at a rate of 221,600 jobs per month this quarter and 211,200 jobs per month next quarter. The forecasters’ projections for the annual-average level of nonfarm payroll employment suggest job gains at a monthly rate of 206,400 in 2014 and 212,300 in 2015.

U.S. Producer Prices Rise 0.2% in October

Associated Press (11/18/14) Josh Boak

The producer price index rose 0.2% in October from a month earlier, according to the U.S. Department of Labor. Prices for many products increased, even though wholesale gas costs fell 5.8% last month. Excluding the volatile food and energy categories, prices were up 0.4% in October.

Declining energy costs have tempered inflation in the broader economy. Producer rises rose only 1.6% in the year through September, a rate significantly lower than the U.S. Federal Reserve target of 2%.

Ciett Welcomes the G20 Focus on Employment and Job Creation

Ciett News Release (11/17/2014)

Employment and job creation remain at the center of the Group of 20 agenda, according to G20 leaders attending the recent G20 Summit in Australia. The G20 leaders committed to take appropriate policy measures to stimulate growth of an additional 2% of gross domestic product by 2018 that will help create millions of quality jobs. Additionally, the G20 wants to increase women’s participation rate in the workforce (25% by 2025), and ensure that young people are employed or are being educated or trained for employment.

The International Confederation of Private Employment Agencies, known as Ciett (its acronym in French) welcomes the G20’s focus and stresses that the employment and recruitment industry can help achieve these ambitious targets. In the latest Ciett Economic Report, data show that only 32% of those coming to a private employment firm already are employed, but after a year of employment firm work, the share of those employed rises to 68%. Each year, the employment and recruitment industry helps 12.9 million young people enter the labor market; up-skills 8.3 million people, giving them more work choices; and creates 3.1 million more jobs. ASA is a member of Ciett.

Time’s Almost Up—Participate in the ASA Quarterly Survey for an Exclusive Report

The association’s quarterly Staffing Employment and Sales Survey for the third quarter of 2014 closes tomorrow, and the deadline will not be extended. Staffing firms that complete the brief survey will receive an exclusive report on the results—now enhanced with new graphs, including representations of sector-level data.

The data collected by this survey enable ASA to track staffing sales and gross margin trends. Participate in the Staffing Employment and Sales Survey by Nov. 19 to get the staffing industry information you’re looking for.

Register to take the survey, or view the questionnaire, at americanstaffing.net. The survey is sponsored by ASA research partner CareerBuilder, and there are no fees to participate.

Free ASA Webinar Tomorrow—Understanding Ebola-Related Challenges

Don’t miss tomorrow’s ASA webinar “Ebola-Related Liability Challenges for Staffing and Recruiting Firms,” 3–4 p.m. Eastern time. Get help determining how your firm can lawfully address concerns about Ebola virus disease.

All ASA webinars are free for ASA members, and most qualify for continuing education hours toward ASA certification renewal. To learn more and to register, visit americanstaffing.net.