Employment in the US employment services sector has shown a steady increase over the last decade. From 2.99 million full-time equivalents (FTEs) in 2013, it grew to 3.49 million FTEs in 2023, marking an annual increase with slight fluctuations. The sector achieved a peak annual growth rate of 4.81% in 2014 and has seen varying growth rates since, with a more conservative CAGR of 0.63% over the last five years ending in 2023.
Year-on-year growth rates for 2022 and 2023 stood at 0.84% and 0.81%, respectively. Looking ahead, employment in this sector is forecasted to continue its upward trend, reaching 3.62 million FTEs by 2028, reflecting a forecasted five-year CAGR of 0.59%.
Future trends to watch for:
- Impact of technology and automation on job creation in the sector.
- Shift towards remote and flexible working solutions.
- Demand for specialized skills and its effect on employment trends.
- Influence of economic cycles on sector growth.
