Growing Staffing Industry
The global staffing industry is projected to grow by 9% in the year 2022, according to the latest report by the latest “Global Staffing Market Estimates and Forecasts” report by Staffing Industry Analysts. The growth in 2021 was 21% and was estimated to be worth $599 billion globally.
The top three countries that earn the most revenue are the United States, Japan, and the UK, and the top fifteen countries combined accounted for 88% of top staffing global revenue. The majority of that, at 86%, was temporary placement.
While the staffing industry has mostly recovered from the past few years, it is still being affected by the war in Ukraine and lingering issues from the pandemic, including supply chain disruption and inflation. Despite these concerns, the staffing industry in South and North America combined made $195 billion last year and expect to do more than that in 2022.
U.S. Job Market
According to the report out from the Federal Reserve Bank of New York, Americans expect inflation to rise but remain optimistic about how the job market will treat job seekers. The mean unemployment expectation (the mean probability the US unemployment rate will be higher one year from now) increased for the third time in a row to 38.6% in May, a record high since February 2021.
The mean perceived probability of losing one’s job in the next year increased by 0.3%, reaching 11.1% in May. The average for 2021 was 12.5%. Meanwhile, the perceived probability of people voluntarily leaving one’s job are drastically up. This was 19.0% in April but has since risen to 20.3% in May. This is the highest reading in nearly two years, since September 2020.
The perceived possibility of finding a new job was 57.4% in April of 2022 but rose to 58.2% in May 2022. That’s the highest it’s been since February of 2020.