Temporary Help Services Jobs stand at -4.62% YoY in April. The relationship between Temporary Help Services jobs and the macroeconomy is complex. Declines in Temporary Help Services Jobs are often considered a leading indicator of a potential recession (red line at -3.5%), but they do not always guarantee one, as other economic factors can impact the labor market and job growth. However, when Temporary Help Services Jobs were below -3.5% YoY in 2001, 2007 and 2020, a recession was on the horizon in the United States.

Image: Federal Reserve Bank of St. Louis