Increase in Temporary Employment Driving Steady Improvement of U.S. Economy
Increase in Temporary Employment Driving Steady Improvement of U.S. Economy Manpower Inc. Sees Flexible Workforces Helping Companies Meet Rising Demand for Products and Services in the Human Age
Manpower Inc., (NYSE: MAN) world leader in innovative workforce solutions, says the increase in temporary employment is driving the U.S. economy forward as companies move to meet growing demand for their products and services. The economic recovery in the U.S. gathered pace in February with the Bureau of Labor Statistics announcing that job gains occurred in temporary help, manufacturing, construction and several service-providing industries.
The unemployment rate fell again last month by 0.1 of a percentage point to 8.9 percent its lowest level since April 2009 as nonfarm payroll employment increased by 192,000 in February. With the jobs market showing improvement, employers now face the prospect of a war for talents as those individuals with in-demand skills become more sought-after and more difficult to find.
"We are definitely seeing improvements in the U.S. jobs market as companies begin to feel more positive demand for their products and services," said Jeffrey A. Joerres, Manpower Inc. Chairman and CEO. "It looks as if employers have reached the limit of what they can do with current staffing levels, but are frustrated by an inability to find the right talent in the marketplace and beset by lingering doubt over the sustainability of the recovery.
"This is manifesting itself in companies looking to contingent and flexible workers to complement their existing workforce and help get their product out the door. Employers will still be forced to do more with a leaner workforce that has a dynamic mix of permanent and contingent workers as there will be no return to the pre-recession 'old' normal. In this new era, that Manpower has defined as the Human Age, employers need to tap into the passion, creativity, and innovation of their inner human potential in order to adapt to this new reality."
Employment services added 29,000 jobs in February and within this sector, temporary employment showed a slight rise. The number of discouraged workers those who have abandoned their job search because they believe there are no jobs available for them dropped by 184,000 a year earlier to one million. Next week, Manpower releases its quarterly Manpower Employment Outlook Survey, which measures employers' hiring intentions for the next three months and serves as a bellwether of labor market trends and activities.