This certainly sounds like a positive for business hiring.
Accelerating Momentum in Office Furniture Trends – Recent results from leading categories (office furniture) have been encouraging & characterised by sequential acceleration in sales trends, which bodes well for office furnishings retailers, in our opinion. MLHR reported Q3 earnings of $0.29 (inline with street) on sales of $414 million (roughly 0.4% above consensus). Revenues increased +26% y/y, a sequential acceleration vs. Q2. NA business segment revenues increased 26% y/y, and notably reflected strength in the company’s core office furniture business. SCS reported 4Q sales growth of 12.8%, a sequential acceleration vs. Q3&2 (+9.2% and +3.8%) respectively). Critically the company noted that 1) despite an acceleration in orders at the end of 3Q due to pricing adjustments sales trends remained strong in 4Q resulting in backlogs of +14% y/y, 2) order trends from small and medium sized businesses were strong in the quarter.
The same report also notes extremely strong y/y growth in temp staffing revenue at Adecco, another leading indicator of full-time hiring: