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Temp jobs year-over-year growth ticks up, penetration rate at new high

November 07, 2014

The number of US temporary help services jobs rose by 8.79 percent year over year in October — the fastest year-over-year growth rate since April, according to seasonally adjusted numbers from the US Bureau of Labor Statistics. In addition, the temporary penetration rate reached another new high of 2.107 percent.

In October, the US added 15,100 temporary help services jobs compared to September. However, the month-over-month number was down from the 17,800 added in September based on revised numbers. On a year-over-year basis, 237,700 temp jobs were added between October 2013 and October 2014.

Looking at total employment, the US added 214,000 jobs in October when compared to September.

The unemployment rate edged down to 5.8 percent in November from 5.9 percent in September. However, the college-level unemployment rate, which can serve as a proxy for professional employment, rose to 3.1 percent in October from 2.9 percent in September.

“The labor market remains resiliently strong, as evidenced by the gain of 214,000 new jobs created in October, close to the average monthly change of 220,000 in the past year,” according to The Conference Board. “The combination of strong job growth and only moderate GDP growth suggests that the trend of weak improvement in labor productivity is likely to continue,” according to commentary by The Conference Board.”

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