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The week of July 16, 2024

Weekly Economic & Business Outlook

Latest Economic Outlook
  • June’s inflation numbers are better than predicted; there's strong evidence inflation is moving in the right direction.
  • The Fed is still waiting for “more good data” to strengthen the case for rate cuts.
  • Staffing firms should anticipate an uptick in labor demand but focus on dynamic conditions.
Latest Staffing Research
  • TThree quarters of knowledge workers worldwide currently use AI tools.
  • Time savings is the most common reason for using AI.
  • The majority of business leaders worry their organization lacks AI strategy.

The ASA Weekly Economic Business Outlook is for members of the American Staffing Association.

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Here’s an abridged preview of our latest insights on the current state of the staffing industry and the economy at large. It’s the most powerful and targeted data and analysis tool available to staffing professionals—released exclusively to ASA members on Mondays, each and every week!

 

This Week’s Economic Outlook
  • Average hourly earnings have struggled to keep pace with inflation.
  • Compensation will continue to outpace inflation given declining inflation, moderating labor market dynamics, and lower interest rates.
  • Staffing firms can keep offers competitive by accounting for inflation dynamics.
This Week’s Staffing Research
  • Elevated inflation and interest rates have increased compensation demands by workers.
  • A recent ASA Workforce Monitor® found many U.S. workers are still concerned about their finances.
  • Pessimism among workers regarding their finances has reduced labor churn.

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