Jobless Claims Could Reach Record Lows as the ASA Staffing Index Soars to New Heights
From Zachary Ahlgrim8/22/2018
The U.S. economy continues to grow at a steady pace with key indicators suggesting there’s no end in sight. The United States Government tracks jobless claims using a proxy metric known as initial jobless claims. This figure represents the total number of Americans who apply for unemployment benefits in a given week. Individuals are only eligible for unemployment assistance if they’ve met state requirements, including working a specific amount of time before they lost their job.
Eight years ago, with the United States still reeling from the effects of the great recession, new unemployment claims hit a 28-year high of 660,000. Today, Goldman Sachs’ analyst Spencer Hill believes the number of new jobless claims could reach the lowest level seen since 1969 as new claims have already dropped to historic lows in 27 states.
The current economic strength of the U.S. economy also means there’s strong demand for staffing services as companies across the country struggle to find technical talent in a tight labor market. The ASA staffing index, a four-week moving average that tracks demand for contract staffing services, increased 0.7 percent to a rounded value of 101 representing a 3.6 percent increase in the year-to-year average.
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