This series is a great favorite among those of us who follow the jobs numbers because it has shown itself to be a leading indicator of overall employment. And that characteristic comes from the fact that this series usually makes both its cycle highs and cycle lows ahead of total payroll employment.

Based on the first estimate, the February level of temporary employment stands at 3,054,100. The current cycle high was set in December at 3,059,800. So, while the current number is not that far from the cycle high, it is still below the cycle high. And so, it will go on the watch list.

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