Here are our top staffing industry news picks for the month of May
The U.S. Federal Reserve on Wednesday kept its benchmark interest rate in a range between 2.25% and 2.5%. Chairman Jerome Powell played down concerns about broader economic weakness due to recent soft inflation. He highlighted individual price declines that could prove transitory, pushing back against some market hopes the Fed might be preparing to lower interest rates later this year.
Employee productivity soared in the first quarter and brought the gains over the past year to the highest level since 2010, a potentially excellent sign for the economy. Productivity rose at a 3.6% annual pace from January through March, according to the federal government. That's the largest increase since the autumn of 2014.
Temporary help employment rose 0.6% (17,900 jobs) from March to April, according to seasonally adjusted data released today by the U.S. Bureau of Labor Statistics. (Note: initial BLS estimates on seasonally adjusted temporary help services employment data tend to be materially revised monthly and annually, according to an ASA analysis of BLS data).
Construction employment rose by 33,000 jobs in April and by 256,000 (3.5%), over the past 12 months, while the number of unemployed jobseekers with construction experience fell to a record low for April, according to an analysis of new government data by the Associated General Contractors of America.
The U.S. technology sector added an estimated 18,900 new jobs in April, according to an analysis by CompTIA. New hiring in technology services, custom software development, and computer systems design led the April job growth, with an estimated 14,100 new hires. Also contributing to the April performance were employment gains in other information services.
The National Federation of Independent Business' Small Business Optimism Index ticked up 0.1 points to 101.8 in March, a historically strong level and an indication that small businesses continue to power the economy after being briefly shaken by January's government shutdown. Overall, the index anticipates solid growth, keeping the economy at "full employment" with no signs of a recession in the near term. Labor market indicators improved.