Index Down Just One Point Despite Expectations of Seasonal Hit
MISSISSAUGA, ON, Aug. 17 /CNW/ - The July 2010 Canadian Staffing Index was released this week by the Association of Canadian Search, Employment & Staffing Services (ACSESS).
The July report shows a one point decrease in temporary and contract hours below the June 2010 report, despite expectations that summer hours would be down significantly.
A July score of 85, although down from the previous month, does follow six straight months of significant growth in the Canadian Staffing Index. Overall the Index has recovered a total of 20 basis points in 14 months since May 2009, when the index reported its lowest results.
An Index of 85 indicates the hours of labour worked in Canada by flexible and contract staffing workers in July 2010, using the July 2008 benchmark index of 100. Since the 2009 recession, ACSESS has suggested that the Staffing Index would show slow growth based on some structural changes in the job market, such as the replacement of manufacturing positions with retail and service jobs combined with the slow recovery of the economy. Typical to seasonal trends in the staffing industry, the summer months show negative growth based on vacations, statutory holidays, plant shut downs and the influx of students flooding the job market. Therefore the slight decrease in the Index is no doubt expected to be present until the fall quarter when Canada gets back to business.
ACSESS' belief that the Index is a "real time" indicator of the current state of the economy becomes stronger as it continues to align with seasonal trends and the Canadian employment statistics reported each month by Statistics Canada. Members of ACSESS are encouraged by a mere one point decrease and by the current increase in job orders and labour forecast needs from their clients. Some recruiters have indicated they are working on 15 to 20% more job opportunities than they were a year ago. This is another indicator that we should see strong growth in the Index this Fall. This is a normal staffing trend and maintains the expectation that Canada is weathering the global recession better than many of its peers.
About the Canadian Staffing Index:
The data is collected by Staffing Industry Analysts, an independent company specialized in the staffing industry.
The data is provided by a representative number of Canadian staffing companies providing services in the provinces across the country.
ACSESS believes that this "real data" supports U.S evidence that the Staffing Industry is a barometer of economic performance, and will provide information for economists, politicians, analysts, researchers and journalists in addition to members of the staffing industry.
ACSESS is the single voice for promoting best practices and ethical standards for the recruitment, employment and staffing services industry in Canada. For more information visit: www.acsess.org
About Staffing Industry Analysts
Staffing Industry Analysts is the premier research and analysis firm covering temporary employment and the contingent workforce. Known for its independent and objective insights, the company's proprietary research, data, support tools, publications and executive conferences provide a competitive edge to decision-makers who supply and buy temporary staffing. In addition to temporary staffing, Staffing Industry Analysts also covers these related staffing sectors: third party placement, and staff leasing (PEOs). Founded in 1989, the company is headquartered in Los Altos, California. For more information visit: www.staffingindustry.com
SOURCE ACSESS - Association of Canadian Search, Employment and Staffing Services
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