Hours worked in the US staffing industry rose only 0.4% year over year in the week ended July 9, continuing to suggest a trend of slightly lower volumes that began around Memorial Day, according to the latest SIA | Bullhorn Staffing Indicator, released today.

Hours were down 2.1% week over week, partly due to Fourth of July holiday closures.

SIA noted high inflation, rising interest rates, supply chain disruptions and reduced consumer spending in the second half of this year will weigh down on economic growth.

The SIA | Bullhorn Staffing Indicator measures hours worked. It comprises two sets of analyses: a year-over-year comparison showing how the most recent week compared to the same week 12 months previously and an indexed value that has been benchmarked against data from the week ended Jan. 19, 2019.

In the week ended July 9, the index value was 98, following readings of 100 and 102 in the prior two weeks as revised. This is the lowest index value observed since the week ended June 11 and the second lowest since the week ended Jan. 15, 2021.

The full report on the SIA | Bullhorn Staffing Indicator, which provides additional information, is available online.