In September, temporary help services payrolls decreased again, nearing a 16% drop from their highest point.
In August, jobs in temporary help services fell by 5.2% compared to the previous year, bringing the total to 2.69 million. This is the lowest number of jobs in this sector since November 2020.
Temporary help services employment is a key indicator of the labor market because these jobs are easier to hire and fire.
This sector has seen job losses for 22 consecutive months, marking the longest decline since 2008.
Since reaching a peak in March 2022, temporary help services payrolls have decreased by 15.3%, which is the largest drop since 2020.
Historically, such a significant decline in this sector has only occurred during recessions, indicating that the labor market is showing signs of weakness.
