Students of economic and employment data know that many of the components of the Employment situation are leading economic indicators.
I like to look specifically at Temp Help for some insight as to the demand for lLabor and Employer confidence.
My go to guy for all things Temp Help is Bruce Steinberg. His monthly analysis on Temp Hiring makes for a sober and clear eyed assessment follwoing the NFP release.
You can see both year-over-year and monthly data charted below. As you might imagine, Y-Y is down substantially — about 26%. The monthly data, while volatile, seems to be moderating, falling about half a percent (0.56%).
chart courtesy of Bruce Steinberg