The production volumes of employment services in the US have shown a general upward trend from 2013 to 2023, peaking at $474.54 billion in 2023. The year-on-year variation highlights fluctuations with significant growth observed in some years, notably 2014 and 2021, and a sharp decline in 2020 largely attributable to the COVID-19 pandemic. The sector rebounded strongly in 2021 and continued to grow steadily through 2023. The compound annual growth rate (CAGR) over the past five years shows an average yearly increase of 3.47%, reflecting moderate but consistent growth.
Looking ahead, the forecast predicts that production volumes will continue to increase, reaching $548.87 billion by 2028. The five-year forecast expects a slower growth rate compared to the previous five years, with a CAGR of 2.29%. Key trends to watch for include technological advancements in recruitment processes, greater reliance on temporary and contract staffing, and the impact of economic cycles on employment services demand.
