Temporary help services jobs in the US have decreased by 145,800 over the past year, bringing the total to 2.7 million, the lowest number since October 2020.
These jobs are often seen as an early sign of changes in the unemployment rate.
The number of temporary help services jobs has now dropped for 23 straight months, marking the longest period of decline since the 2008 Financial Crisis.
As a percentage of total employment, temporary help services jobs have fallen from 2.1% in March 2022 to 1.7%, which is similar to levels seen during the last three recessions.
This suggests that the unemployment rate could increase by up to 1 percentage point in the coming months, assuming this pattern continues.
