SIA | Bullhorn Endowment Indicator
Staffing hours continue to show evidence of a seasonal increase in demand
|Week ending November 27, 2021||Indexed value||A / A||With / with|
|Staffing in the United States||108||+ 15%||-4.0%|
|Commercial staff||95||+ 7%||-3.9%|
|Professional staffing||134||+ 28%||-4.2%|
Published weekly, the SIA | Bullhorn Staffing Indicator includes two sets of analyzes; a year-over-year comparison showing how the most recent week compares to the same week 12 months ago and an indexed value that has been compared to data for the week ending January 19, 2019.
Year-over-year changes for the week ending November 27
According to the Indicator, acting hours worked last week (week ending November 27) increased by 15% compared to the corresponding week a year ago. The high growth rate is partly explained by the decline in temporary staff that occurred last year due to the pandemic.
Temporary staff hours worked in professions (IT, healthcare, finance, engineering, etc.) increased 28% year-on-year.
Temporary staffing hours in business occupations (industrial and clerical / office) increased 7% year over year.
On a sequential week-to-week basis, hours worked by temporary staff decreased 4.0%. Commercial interim hours are down 3.9% while professional interim hours are down 4.2%. Hours were down last week in part because of the impact of the Thanksgiving holiday.
Year-over-year change in U.S. staffing, professional staffing and commercial staffing
Commentary for the week ending November 27
The indexed professional staffing value was 134 last week, following readings of 140 and 139 in the previous two weeks (ending November 20 and 13, respectively).
The indexed value of sales personnel was 95 last week, following values of 99 and 99 in the previous two weeks.
The indexed value of US staffing, weighted to reflect the mix of professional and commercial jobs in the US staffing industry, was 108 last week, after readings of 112 and 112 in both previous weeks, as shown in the graph below.
Values for U.S. personnel, professional personnel, and sales personnel
Staffing Industry Analyst Perspective
Hours worked in the U.S. staffing industry declined last week due to the impact of the Thanksgiving holiday week. Nonetheless, the 4% drop in week-over-week hours was less than the 6% average drop seen during Thanksgiving weeks in 2020 and 2019. Despite the impact of Thanksgiving, hours worked appear to be close. cumulative highs of the year, consistent with the seasonal ramp that is generally observed at this time of year.
Sales staff increased by 7% compared to pandemic conditions a year ago and by 1% compared to the same week two years ago (in 2019.)
The professional workforce grew 28% year-over-year from a year ago and 38% from two years ago, with particularly strong demand for IT and healthcare professions.
The strength of demand reflected in the indicator is consistent with other macroeconomic data which suggests a very strong labor market. The first jobless claims for last week were 222,000, a level consistent with those seen before the pandemic, and indicating a very low level of layoffs by employers.
About the SIA | Bullhorn Endowment Indicator
The SIA | Bullhorn Staffing Indicator is a unique tool for assessing near real-time weekly trends in the volume of temporary staff provided by US recruiting companies. Each week, the indicator reports data for the week ended the previous Saturday. It reflects the weekly hours worked by temporary workers at a sample of recruiting companies in the United States that use Bullhorn’s technology solutions. The indicator is weighted and compared to data from the United States Bureau of Labor Statistics to approximate the composition of the staffing industry by skill. While the indicator does not purport to accurately reflect the entire universe of US recruiting firms, it does represent a large sample of the US recruiting industry, reflecting a wide range of occupations, client verticals, and geographic footprint to business. countrywide.
The indicator can be used by recruiting companies to compare their past and current performance, as well as a tool to forecast short-term industry trends and prospects.
As the US temporary employment sector has often functioned as a concurrent indicator for the US labor market and economy, the SIA | Bullhorn Staffing Indicator is also useful for a wider audience of business leaders and investors who are looking for real-time information
The indicator is a joint personalized research effort between Bullhorn and the industry advisor Staffing Industry Analysts.
SIA Reviews and Tech Notes | Bullhorn Endowment Indicator
We note that the readings for the past 4 weeks are subject to revision and therefore should be considered preliminary, with the reading for the last recorded week being the most likely to be revised in next week’s data release. For more information on how the indicator was created and detailed technical notes, please refer to the methodology.
Underlying data for SIA | The Bullhorn Endowment Indicator can be downloaded using the link below: