New Labor Forecast Predicts Strong Jump in Demand for Temporary Workers in 2004 Second Quarter
April 2004 (Newstream) -- Demand for temporary workers in the United States for the second quarter of 2004 is expected to jump 10.05% over the same period in 2003, according to the RemedyTemp Quarterly Labor Forecast, released today.
"On the heels of March's encouraging job report from the U.S. Labor Department, in which more than twice as many jobs were added than many economists had expected, we see strong indications that the job market will continue its resurgence during the second quarter," said Greg Palmer, RemedyTemp's president and chief executive officer. "As an increase in temporary hiring historically has been a precursor to increased demand for full-time hiring, this may no longer be a jobless economic recovery."
The RemedyTemp Quarterly Labor Forecast, believed to be the only one of its kind, is in part based on Bureau of Labor statistics. The model was developed jointly by The A. Gary Anderson Center for Economic Research at Chapman University and RemedyTemp, Inc. (NASDAQ:REMX), a national temporary staffing company. It is tracked quarterly and serves as an indicator of economic activity.
For the first quarter of 2004, the RemedyTemp Quarterly Labor Forecast predicted a 6.76% increase in demand for temporary labor over the same period last year. Palmer said that while it accurately called the direction of change, the forecast was off in magnitude, with the actual increase for the quarter up 9.08%. "Our projection for first quarter GDP growth was extremely accurate," Palmer said. "The discrepancy was due to an overestimation of the unemployment rate. Factoring in the actual 5.6 percent unemployment rate, instead of our projected 5.9 percent rate for the first quarter, would have brought our Forecast directly in line with actual demand."
RemedyTemp has been using the Labor Forecast to help navigate through the past several years of fluctuating economic conditions. In September 2003 RemedyTemp published the Labor Forecast for its clients, prospects and shareholders, announcing its release on the Labor Day Week Workforce 2004 Webcast, hosted by RemedyTemp. Palmer said it is RemedyTemp's desire to provide this sophisticated forecast vehicle which is intended to assist other companies in managing their workforce intelligently to meet business demands.
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