US Industrial Staffing is Recovering Faster than Expected
With the rate of coronavirus spread decelerating across the US, and as businesses continue to reopen and adapt their operations to function during the pandemic, the US economy continues to gradually improve. The economic recovery has been good news also for industrial staffing firms, a report from Staffing Industry Analysts (SIA)* indicates.
- Indeed, the consensus among economists — such as this concise summary from the Conference Board — is that US GDP will only shrink by 3.8 percent this year, a huge improvement from the 7.0 percent decline predicted in July.
-The current outlook continues to envision a “swoosh”-shaped recovery, with steady progress in each consecutive month after the steep declines of March and April.
According to SIA analysts the economic recovery in the United States has been good news for industrial staffing firms.
- With the cyclical sectors of manufacturing and construction returning to growth, this has brought a return of demand for light industrial workers placed by temporary staffing agencies. In addition, the consumer shift to e-commerce has accelerated further due to the pandemic, creating staffing demand for warehouse and logistics workers.
Based on this positive volume growth, as well as rising pay rates, SIA now forecasts that US industrial staffing firm revenue will decline only 20 percent this year.
- With a Covid-19 vaccine expected to be widely available by early 2021, we project that industrial staffing revenue will grow 15 percent in 2021 compared to 2020.
* The US Staffing Industry Forecast: September 2020 Update
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