How can it be?
On 6/11, the U.S. Census Bureau reported that staffing industry revenue (as represented by Employment Services NAICS code 5613) rose 7.9% year-over-year in the first quarter. As can be seen in the chart below, the increase represented an acceleration in revenue growth from the 4.7% year-over-year increase reported in the fourth quarter and the highest rate of growth since early 2006.
The 7.9% estimate for 1Q is preliminary, but adjustments to this data series have historically not been large, so this estimate is likely to stand at least in order of magnitude.
This level of growth is markedly different than what would be expected, given the decelerating state of affairs in staffing as represented by data from the Bureau of Labor Statistics, the Staffing Industry Benchmarking Consortium and public company reports.
We welcome thoughts on this. Is business at your company quietly booming?