NEW YORK, November 12, 2009 – Despite lingering gloom in the economy at-large, upbeat indications from staffing industry professionals suggest the industry is on the road to recovery, according to a survey conducted by Sterling Resource Funding Corp. (SRFC) (http://www.sterlingresourcefunding.com), a subsidiary of Sterling National Bank.
The survey of 100 attendees of Staffing World 2009, the American Staffing Association’s Annual Convention and Expo, held in late October in Orlando, FL, found that 70% of staffing and recruiting professionals polled have seen slightly improving demand for temporary workers over the past quarter. Seventeen percent said demand was unchanged, while 14% said demand has “noticeably improved.”
“We have seen a marked increase in our business over the last few months, as our clients experience growing demand,” said Allen J. Gershlak, President of SRFC. “Given that the staffing industry is typically looked at as a leading economic indicator, this could be an important sign as we gauge the vitality of the larger economy moving forward.”
The incremental improvements in demand for temp workers are echoed by comparatively reliable access to working capital, based on responses to the survey. Asked how they would rate their access to credit in the past 12 months, nearly 3 out of 4 respondents (73%) said access to credit has not been an issue. The industry hasn’t gone unscathed in this category, however, with 25% indicating that while their credit needs have been adequately covered, access to credit has been “more challenging” during the same period.
Most staffing professionals surveyed by SRFC don’t see recovery for the industry around the corner. Roughly 6 out of 10 respondents (59%) feel it will be at least 12 months before the staffing industry has fully recovered. Some were more optimistic, with 29% projecting a full recovery for the industry in 3 to 6 months.
“I wouldn’t expect to see recovery for staffing spread evenly across industry segments,” said Gershlak. “From what we’re seeing, certain areas, such as information technology, are likely to rebound sooner than certain other sectors.”
About Sterling Resource Funding Corp.
Sterling Resource Funding Corp (SRFC) is a national, full-service financing company primarily serving the needs of the staffing industry and other service businesses. SRFC professionals possess more than 25 years of extensive industry knowledge; clients range from start-up companies to companies with $100 million or more in annual sales.
As a subsidiary of Sterling National Bank, SRFC clients have access to a complete range of financing and banking options including accounts receivable financing, comprehensive payroll administration and back office support, asset-based lending, working capital lines of credit as well as deposit and cash management services.
Established in 1929, Sterling National Bank has successfully served the needs of businesses, professionals and individuals in the NY metropolitan area and beyond. Sterling National Bank is the principal banking subsidiary of Sterling Bancorp (NYSE: STL), a New York-based financial holding company with assets exceeding $2 billion.
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