Temp jobs contracted y/y in June.

研报英文原文证据摘录

Temp jobs contracted y/y in June.

Goldman Sachs Americas Business & Information Services

Temp wage growth solid. Temp wage growth accelerated in May (latest data available)

and continues to outperform perm wage growth. Average hourly earnings for temp

workers increased 5.3% y/y in May, accelerating from 4.5% growth in April, and come

above the 10-year average growth of 4.6%. For comparison, average hourly earnings for

permanent workers increased 3.4% y/y in May and 3.5% in June, compared to the

10-year average of 3.9%. Temp staffing bill-pay spreads have historically correlated

positively with temp wage growth, suggesting accelerating temp wage growth could

benefit temp staffing gross margins.

Exhibit 5: Temp Wage Growth Solid in May

US Average Hourly Wage Growth, Temp vs. All Employees

20%

16%

12% Temps May: 5.3%

(Y/Y) 8%

Growth 4%

Wage 0%

Hourly All Workers, June: 3.5%

(4%)

(8%)

(12%)

Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26

Overall Wage Growth Temp Wage Growth

Source: US Bureau of Labor Statistics, Goldman Sachs Global Investment Research

RHI’s Protiviti weakness pushes recovery further out. Robert Half’s talent solutions

revenue is experiencing a continued recovery, with positive sequential growth on a same

day CC basis for the second consecutive quarter in 1Q and favorable quarterly exit rates.

The company continues to expect talent solutions revenue to inflect to positive y/y

growth for the first time since 2022 in 3Q. That said, RHI walked away from expecting

positive y/y revenue growth for the entire company in 3Q due to intensified revenue

headwinds in its Protiviti business. Specifically, Protiviti is undergoing ongoing y/y

revenue declines given a slowdown in financial services regulatory enforcement activity