Steven Drexel, Cornerstone Staffing President and Chief Executive Officer, Available as Reliable Media Source on Employment and Economic Outlook

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Economist and staffing industry veteran offers insights to July's Employment Numbers

Steve Drexel, Cornerstone Services president and chief executive officer, is ready and available for interviews or commentary on the monthly US Bureau of Labor Statistics employment data and the reports economic and employment impact.

Drexel is an economist who served many years on the Bureau of Labor Statistics’ Business Research Advisory Council as well as the American Staffing Association’s Industry Information Committee. He has been interviewed for The Washington Post, Bloomberg Business News, CNN Radio, the Associated Press, The Houston Chronicle and The Houston Business Journal -- among many other national, regional and local media organizations.

Drexel’s biographical profile is available at Please contact Brian Hatfield for any information or insights related to a wide range of employment and economic topics Drexel is prepared to comment on.

Here are some of Drexel’s perspectives:

  • On July Employment Figures

The good news is there were no surprises or major changes in the reported results. Employment is expected to continue to grow adding to the 58 months of sequential increases. However, as the recovery ages, the rate of growth will gradually slow and wages will steadily increase. Likely, around this time next year, the labor market will reach full employment and job shortages will be more acute. The good news - all these changes are measured and moderate so the recovery still has years to run with no recession in sight.

  • On Where the Employment Opportunities Are

Drexel sees education/healthcare, professional and business services as growing industries. Weaker results were evident in mining, durable manufacturing and leisure/hospitality. Headwinds remain in energy producing and exporting sectors as depressed oil prices and weaker growth in foreign markets persist.

  • On the Economy

The general economy is tracking along at a steady approximate 2.4% annual growth rate consistent with continued stable employment growth and a gradually declining unemployment rate. The stock market is down very likely reflecting the expectation that the Federal Reserve Bank will begin, ever so gently, tightening interest rates starting in September. Consumer Confidence took a hit during July and in particular the differential between “jobs plentiful” and “jobs hard to get” deteriorated to -6.0 from -4.8 in June. Also, the Purchasing Manager’s Non-Manufacturing Employment Index declined to 52.7 in July from the previous month’s 55.3 reading.

“For most employers, this means that the employment picture will remain healthy and on the right path toward full employment next year,” says Drexel. “Expect labor markets to gradually tighten with progressively increasing wage pressure this year and next.”

More About Cornerstone Staffing
Cornerstone Staffing Solutions is among the top 120 largest staffing firms in America, as ranked by Staffing Industry Analysts. Since 2003, Cornerstone has grown from a neighborhood staffing provider to a $100 million national firm that employs thousands of people at hundreds of companies from California to Connecticut. Providing candidate searching and job placement for administrative, industrial, technical, sales and transportation positions, Cornerstone truly is where talent and jobs meet.

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Brian Hatfield

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