According to data from the U.S. Bureau of Labor Statistics, the U.S. producer price index for staffing services experienced the highest year-over-year growth so far this year in August. The year-over-year increase of 2.3 percent brought the index to 129.3.
The producer price index measures the change in price that service providers receive over time. It is tracked from the perspective of the seller. The staffing industry includes employment placement agencies, temporary staffing firms, executive search services and professional employment agencies.
As National Staffing Employee Week is underway, this increase is a great reminder of the value of temporary and contract workers in today's economy. While the recovery continues, staffing services, and the temporary workers they employ, continue to be in high demand in the U.S. Indeed, with few exceptions, the producer price index for the staffing industry has been increasing since last year and in 2011.
As the Affordable Care Act comes closer to full implementation, many companies are taking advantage of the opportunity to employ contingent workers to reduce costs and mitigate confusion surrounding the new law. Many firms also employ seasonal help for the holidays, which are quickly approaching as well.
