Analysis of the total hours worked in business services in the US reveals a steady upward trajectory from 2013 to 2023. The actual hours worked in 2023 stood at 137.82 billion. Year-on-year variations showed a consistent but slowing trend, with the growth rate dropping from 1.69% in 2013 to 0.87% in 2023. The CAGR over the last five years leading up to 2023 was 0.91%, indicating a modest annual growth rate.
Looking forward, the forecasted data from 2024 to 2028 suggests that the total hours worked will continue to increase, reaching 143.43 billion by 2028. However, the growth rate is expected to decelerate further, with a forecasted five-year CAGR of 0.63% and an overall five-year growth rate of 3.2%.
Future trends to watch for:
- Technological advancements influencing productivity and possibly reducing the total hours needed.
- Shifts in the demand for different types of business services, which may affect the distribution of hours worked across various sectors.
- Potential impacts of labor force demographics and immigration policies on available working hours.
- Economic conditions, including potential recessions or booms, which could significantly alter the forecasted trends.
