Steady Growth Continues: Staffing and Recruiting Grows Faster Than the Economy and the Labor Market
More than six years since the end of the Great Recession, the U.S. economy has yet to fully recover. While there has been expansion, this long road to recovery has been erratic. And although the jobs lost during the 18-month recession have been regained and the unemployment rate has declined, the percentage of people participating in the labor force has dropped to the lowest level in four decades. There are nearly six million open jobs, and more than eight million people out of work—contributing to the longer than anticipated recovery cycle. Meanwhile, the staffing and recruiting industry has been growing faster than gross domestic product and overall employment at rates unlike any prior recovery. Are these trends unique to the current expansion, or has there been a fundamental change in the role of staffing and recruiting in the economy?