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US adds 6,200 temp jobs in November, total jobs fall short of expectations

US adds 6,200 temp jobs in November, total jobs fall short of expectations

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December 03, 2021

The US added 210,000 nonfarm jobs during the month, falling short of expectations. Job growth has averaged 582,000 per month so far this year. The US Bureau of Labor Statistics also reported the number of temporary jobs in the US grew modestly, up by 6,200.In addition, the gains in temporary help services employment for September and October were revised upward. September’s gain was revised to 14,900 jobs from 6,100, while October was revised to a gain of 46,400 jobs.US temp jobs totaled more than 2.79 million in November. The temp penetration rate — the number of temp jobs as a percent of total employment — remained at 1.88% in November, unchanged from October.“Despite disappointing overall job growth, this month’s jobs report was positive in the upward revisions to prior months, the acceleration of temporary help growth and an increase in labor force participation,” said SIA President Barry Asin.So far, the number of total nonfarm jobs has increased by 18.5 million since the trough in April 2020 but is down by 3.9 million, or 2.6%, from its pre-pandemic level in February 2020, according to the BLS.The BLS reported notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing. Employment in retail trade declined over the month.Nine of the major industry groups gained jobs for the month. The group with the largest gain was professional services, which includes temporary help; it added 83,800 jobs. Transports and warehousing followed with a gain of 49,700 jobs, and manufacturing gained 31,000 jobs.Compared to pre-pandemic levels, employment in manufacturing is now down 253,000 jobs, or 2.0%, from February 2020. Employment in professional and business services overall is 69,000 below its level in February 2020.In November, the US unemployment rate was 4.2%, a notable drop from 4.6% in October. The unemployment rate for those with bachelor’s degree and higher edged downward to 2.3% in November from 2.4%.More information is available in the full SIA US jobs report.

ShiftPixy revenue up 171% in full fiscal year; gross margin narrows

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ShiftPixy revenue up 171% in full fiscal year; gross margin narrows

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December 03, 2021

ShiftPixy Inc. (NASDAQ: PIXY), a Miami-based provider of an on-demand staffing platform, reported fiscal year 2021 revenue rose 171.0% compared to the previous year. ShiftPixy’s fiscal year ends Aug. 31. The company attributed the revenue growth to an increase in billings and a migration to a staffing revenue model during part of 2021.Aside from its nurse staffing business, ShiftPixy provides a staffing platform primarily serving the restaurant and hospitality industries. (US$ thousands)
FY 2021
FY 2020
% change
Revenue
$23,420
$8,642
171.0%
Gross profit
$322
$957
-66.4%
Gross margin 
1.4%
11.1%
 
Net income/loss
($29,876)
($75,347)
nm

ShiftPixy reported that administrative fees, its primary gross profit driver, increased 20% year over year but gross profit decreased due to additional accrued workers’ compensation costs related to the prior period workers’ compensation run off.
Share price and market capShares in ShiftPixy were down 5.69% to 71 cents as of 11:36 a.m. Eastern time; they set a new 52-week low today when they reached 70 cents, according to FT.com. The company had a market cap of $19.61 million.

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Canada adds 153,700 jobs in November, boosting employment past pre-pandemic level

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Canada adds 153,700 jobs in November, boosting employment past pre-pandemic level

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December 03, 2021

Canadian employment increased in November to exceed its pre-Covid level, Statistics Canada reported today. The country added 153,700 jobs last month, bringing total employment to more than 19.3 million, 186,000 more than its February 2020 level.The gain was in both full-time jobs and part-time jobs, which rose by 79,900 and 73,800 jobs respectively.Jobs increased in both the services-producing and goods-producing sectors in November. While employment in services-producing industries has increased in five of the last six months, the November gain in goods-producing industries marks the first overall increase in this sector since March 2021. Employment increased in several services-producing industries in November, led by healthcare and social assistance, up 44,000; retail trade, up 34,000; and professional, scientific, and technical services, up 28,000. On the flip side, employment declined by 16,000 in “other services.”Nearly all of the gains in the goods-producing sector were attributable to manufacturing, up 35,000, while the utilities sector recorded a decline of 3,800 jobs.There was little change in public sector employment and self-employment. However, the proportion of self-employed workers who transitioned into working as an employee continued to be above the pre-Covid baseline:14.2%, compared with 11.0% in November 2019.The number of Canadians working from home was unchanged from October at 4.2 million, but was down by about 400,000 compared with November 2020.Canada’s unemployment rate fell 0.7 percentage points to 6.0% in November — the sixth consecutive monthly drop and the largest decline since March 2021.The labor force participation rate — the share of the population working or searching for work — was 65.3% in November, unchanged from October and virtually the same as in February 2020, when it was 65.5%. Similarly, the participation rate for the core-age population remained at a record high of 88.2% for the third consecutive month, Statistics Canada reported.Employment rose in Ontario, Quebec, Alberta, Newfoundland and Labrador, Nova Scotia and Prince Edward Island.Looking at just Ontario, the number of jobs rose by 68,100 to a total of more than 7.6 million. The province gained about 67,200 full-time jobs and 800 part-time jobs. Ontario’s unemployment rate fell to 6.4% in November from 7.0% in October.

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Tech Roundup: Shiftsmart raises $95 million; TextUs announces $22 million in funding; Textkernel and ClearStar make acquisitions; Didi delisting from NYSE

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Tech Roundup: Shiftsmart raises $95 million; TextUs announces $22 million in funding; Textkernel and ClearStar make acquisitions; Didi delisting from NYSE

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December 03, 2021

Recent tech announcements include a $95 million funding round for talent platform Shiftsmart, a $22 million funding round for TextUs, an acquisition by Textkernel and an acquisition by background check firm ClearStar. In addition, Didi Chuxing announced plans to delist from the New York Stock Exchange.
ShiftsmartTalent platform Shiftsmart raised $95 million in a Series B funding round. Founder and CEO Aakash Kumar announced the round in a blog post on Thursday. D1 Capital Partners led the round with participation from Imaginary Ventures, Spieker Partners and S12F, among others. S12F is an investment platform founded by Jeff Leventhal, who was also founder of firms such as WorkMarket, which was sold to ADP, and OnForce, which was sold to The Adecco Group.Shiftsmart was founded in 2015. Its platform enables onboarding and training, scheduling of workers, next-day payments, communication, time and attendance, and more.The New York-based company has a network of more than 500,000 workers in more than 50 countries, TechCrunch reported. It now has $117 million in total investments.
TextUsText messaging platform TextUs announced this week that it raised $22 million in a Series C funding round. Leading the round were venture capital firms Eastside Partners and Access Venture Partners.“Business texting is a $4 billon market on a path to exceed $15 billion by 2028,” TextUs CEO Martin Payne said. “This investment, coupled with the expertise that these firms have in marketing software, will allow us to extend our leadership position in our target segments of this rapidly growing market.”TextUs is based in Denver.
TextkernelTextkernel announced that it acquired Sovren, a provider of résumé parsing and candidate matching and sourcing software based in Texas.Textkernel, based in Amsterdam, provides AI-fueled search and matching technology for résumé and cover-letter databases. It also provides multilingual résumé and cover-letter parsing.Both companies’ customers include staffing firms.Textkernel itself was acquired in September 2020 by Dutch investment firm Main Capital from CareerBuilder.
ClearStar Inc.ClearStar Inc., a technology-based provider of background and medical screening, acquired background checking firm Employment Screening Resources. ClearStar reported the acquisition will bolster its West Coast operations.ClearStar is based in Alpharetta, Georgia, while Employment Screening Resources is based in Novato, California.This is the second acquisition for ClearStar in the past three months.
DidiDidi Chuxing, a Beijing-based rideshare work services platform similar to Uber Technologies Inc., announced it will immediately start delisting from the New York stock exchange and start preparations for listing in Hong Kong. Didi did not explain its reasons for the plan but said in a separate statement it would organize a shareholder vote at an appropriate time and ensure its New York-listed stock would be convertible into “freely tradable shares” on another internationally recognized stock exchange.Sources told Reuters last month that Chinese regulators had pressed Didi’s top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security.Didi Chuxing in June filed to go public in the US by offering American depository shares. It operates in 4,000 cities in 15 countries, including countries in Asia and Latin America as well as Russia and Australia but not in the US.

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Economic activity in services sector sets another record

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Economic activity in services sector sets another record

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December 03, 2021

The US services sector saw economic activity increase in November, with the rate of expansion setting a record for the fifth time in 2021, the Institute for Supply Management reported today. Employment activity also increased at a faster rate than the prior month.The report’s “Services PMI” rose to an all-time high reading of 69.1% in November from October’s reading of 66.7%. Readings above 50% indicate growth, with higher numbers indicating quicker growth; November’s reading indicates the 18th straight month of growth for the services sector and exceeds the former all-time high set in October; previous records were set in March (63.7%), May (64%) and July (64.1%). All 18 services industries that comprise the Services PMI reported growth.“The composite index indicated growth for the 18th consecutive month after a two-month contraction in April and May 2020,” said Anthony Nieves, chair of the Institute for Supply Management Services Business Survey Committee. “In November, record growth continued for the services sector, which has expanded for all but two of the last 142 months. Demand continues to outpace supply that has been impacted by capacity constraints, shortages of labor and materials, and logistical challenges. This has also caused demand-pull inflation that is affecting overall business conditions.”The ISM’s report also found that employment activity in the services sector grew in November for the fifth consecutive month after contracting in June. The growth pace also increased.The services employment index rose to a reading of 56.5% in November from 51.6% in October. The employment index is one of four diffusion indexes that comprise the composite Services PMI. The other diffusion indexes are new orders, production and inventories.The report is based on a survey of purchasing and supply executives nationwide. Comments from respondents include: “People are quitting to get paid more at different occupations” and “Increased business activity and customer demand requires more human resources.”

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Staffing hours worked down 4%, impacted by holiday, but remain near year-to-date highs

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Staffing hours worked down 4%, impacted by holiday, but remain near year-to-date highs

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December 03, 2021

Staffing hours worked for the week ended Nov. 27 were down 4.0% from the previous week due to the impact of the Thanksgiving holiday, but were up 15% year over year, according to the latest SIA | Bullhorn Staffing Indicator, released today. The high year-over-year growth rate is partly explained by the pullback in temporary staffing that occurred last year due to the pandemic.Hours worked appear to be near year-to-date highs, consistent with the seasonal ramp-up that is typically observed at this time of year. Week ending Nov. 27, 2021
Indexed value
Year over year
Week over week
US staffing
108
+15%
-4.0%
Commercial staffing
95
+7%
-3.9%
Professional staffing
134
+28%
-4.2%

The SIA | Bullhorn Staffing Indicator measures hours worked. It comprises two sets of analyses: a year-over-year comparison showing how the most recent week compared to the same week 12 months previously and an indexed value that has been benchmarked against data from the week ended Jan. 19, 2019.In the week ended Nov. 27, the index value was 108, following readings of 112 in both of the prior two weeks as revised.The full report on the SIA | Bullhorn Staffing Indicator with more information is available here.

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People: HireQuest, MAS Medical Staffing, Globalization Partners, River Capital, Futuris, Raines International, eCapital

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People: HireQuest, MAS Medical Staffing, Globalization Partners, River Capital, Futuris, Raines International, eCapital

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December 03, 2021

HireQuest Inc. (NASDAQ: HQI) named David Burnett as CFO. Burnett brings more than 30 years of experience. He previously served as CFO for Ivy Asset Group, an alternative credit provider and investment bank, and had served as CFO at other publicly traded firm prior to Ivy. Burnett succeeds Cory Smith, who will stay on with the company as chief accounting officer.MAS Medical Staffing announced that Shannon Delage will serve as CEO and as a member of the company’s board. Delage takes over from Ken Johnson, who will remain a member of the board. Delage most recently was CEO of The Derm Group, a provider of clinical and cosmetic services, and has held executive leadership positions at firms such as Time Warner and Sotheby’s. She started her career at Bain & Co.Globalization Partners, a supplier of employer-of-record services, appointed Bob Cahill to the newly created role of president. Cahill had been CFO for the past three years and brings more than 20 years of C-suite experience to the job. Globalization Partners is conducting a search for a new CFO.River Capital Group Holdings appointed Giovanni Cappellini as managing director of its portfolio company Flex Employee Services. Cappellini previously was senior VP of sales and IT recruitment for staffing provider Solomon Page Technology Partners. Flex Employee Services, a staffing firm, was founded by River Capital in 2015 and is based in New York.Futuris Co. (OTCMKTS: FTRS), a staffing provider, named Gary Tucker as regional sales director of health HR. Tucker has more than 17 years of experience as an owner and operator of multiple therapy staffing firms in South Florida.Executive search firm Raines International announced Rick Harris has joined as managing director. Harris will be based out of the firm’s Miami office. He previously was a partner at True Search.Factoring company eCapital Corp. appointed Kash Ahmad as managing director of its newly formed division serving the staffing industry. Ahmad had previously served executive VP, chief credit officer for eCapital Commercial Finance.

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Hong Kong: Hong Kong civic society decimated: enough is enough

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A recent estimate suggests that over 50 groups in Hong Kong have gone in just 11 months –including the ITUC-affiliate the Hong Kong Confederation of Trade Unions (HKCTU), after over 30 years of improving life for working people through improvements in labour legislation, wages and social protection.Lee Cheuk Yan, general secretary of the HKCTU, is in prison for participating in pro-democracy events and faces more charges for his role as chair of the Hong Kong Alliance in Support of Patriotic Democratic Movements of China (the Hong Kong Alliance).
Civil society groups have faced unprecedented attacks, intimidation and allegations of offences under the national security law since it was enacted in July 2020.
Sharan Burrow, ITUC general secretary, said: “Enough is enough. The only way forward now is for this repressive, so-called ‘national security’ law to be repealed and for all political prisoners to be released, and we demand an end to further prosecutions and intimidation.”
“This law has now clearly shown its real face as a political tool to suppress opposition and dissent.
“As our report, Rings of Repression, spells out, the Chinese Communist Party has accelerated its political occupation of Hong Kong. China is not a safe place, and the International Olympic Committee and governments must do more to guarantee the security and safety of athletes and all others who are attending the Winter Olympics in Beijing.
“We welcome the decision by the Women’s Tennis Association (WTA), citing the risks faced by staff and players, to suspend all tournaments in China following the treatment of Peng Shuai after her allegation of sexual assault.
“The IOC should stand up and take robust action to ensure that everyone is safe at the Winter Games.”

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Hiring difficulty continues with wages rising, northeast reports strong performance from staffing: Beige Book

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Hiring difficulty continues with wages rising, northeast reports strong performance from staffing: Beige Book

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December 02, 2021

Companies across the US continued to cite difficulty in hiring and retaining employees in October and early November with labor shortages being one constraint to growth, according to the Federal Reserve Beige Book report released Wednesday. Nearly all districts reported robust wage growth. And there was good news for staffing firms in the Boston Federal Reserve district.The report noted staffing firms in the Boston district told of moderate to large increases in revenue for the third quarter from the second quarter. And all staffing firms described labor markets as very tight, especially for entry-level roles.“Staffing firms’ pay rates increased by moderate to large margins from the second quarter, in part to keep up with hefty starting wage increases by some large employers,” the Boston district reported. “Also, staffing firms faced increased competition for recruiters from client firms, putting moderate upward pressure on recruiter salaries.”Most staffing firm contacts in the Boston district were optimistic that robust labor demand would continue to driver strong performances at their businesses. One area of concern was vaccine mandates, though staffing firms had mixed reactions with some seeing it as a major threat and others expecting only temporary disruptions.The Boston district comprises Massachusetts, New Hampshire, Vermont, Maine, Rhode Island and part of Connecticut.Overall, the Beige Book report noted economic activity in the US grew at a modest to moderate pace in most Federal Reserve districts during October and early November.Comments from other districts in the Beige Book included:

Some staffing firms in the Philadelphia district that serve the manufacturing and retail sectors noted concerns because of vaccination rates of only 40% among their workers.

Containing labor costs was a priority for many companies — not just staffing firms — contacted in the Atlanta district.

A third of all types of firms questioned in the St. Louis district did not expect to recover to pre-pandemic employment levels within a year.

While finding low-skill workers remained the most challenging, filling mid- and high-skill positions was becoming increasingly difficult, according to all types of companies contacted in the Dallas district. One contact said competition for tech workers was further exacerbated by non-local companies looking for remote workers in cities such as Austin.

The Dallas district also reported that a few staffing firms anticipate reducing their markups for certain clients as a result of the sharp increase in wages.

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Adecco consolidating professional staffing operations under LHH brand, Special Counsel is first to take new name

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Adecco consolidating professional staffing operations under LHH brand, Special Counsel is first to take new name

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December 02, 2021

The Adecco Group’s LHH brand, long home to its outplacement and HR consulting business offerings, will be expanded to also include Adecco’s professional recruitment brands starting this year. Adecco’s legal staffing brand, Special Counsel, took on the LHH brand effective today.Adecco had announced in August that it was simplifying its brand portfolio with LHH being positioned as its brand for talent solutions.The other US professional staffing brands that will transition to LHH over the course of the next year are Accounting Principals, Ajilon, Paladin and Paker+Lynch. The new LHH division will be officially known as LHH Recruitment Solutions.“Streamlining our brands is the next step in our continued commitment to helping our clients and top talent navigate the ever-shifting landscape,” said Laurie Chamberlin, who currently leads Adecco’s US professional recruitment and will assume the role of head of LHH Recruitment Solutions, North America, effective Jan. 1.

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