Recruitment And Temp Agencies Lead All US Industries In Post-Covid Bounceback

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Recruitment And Temp Agencies Lead All US Industries In Post-Covid Bounceback
DanaTentis / Pixabay

Research from Ezra, the leading provider of digital coaching, reveals which US industries have proven themselves to be the most pandemic-proof in terms of overall profit and which US industries are now looking to expand the quickest as measured by the number of current job vacancies being advertised.

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The pandemic has hit the US industry hard, but while many sectors have seen a radical decline in profitability and growth, there are some that have managed to remain strong throughout the global crisis.

Performance Of The Ten Biggest US Industries

Of the ten biggest US industries, the Retirement and Pensions industry has been the most profitable pandemic-era US industry, generating $660.7 billion of profit so far in 2021.  This is followed by Commercial Banking which has already created $170.3 billion profit this calendar year. The Life Insurance and Annuities industry is also faring well with 2021 profits of $152.5 billion, followed by Software Publishing with profits of $115.8, and Portfolio Management with profits of $112.1 billion.

These are the industries that have enjoyed the biggest profits in the time of pandemic but, with eyes firmly set on the future as the US hopes to leave COVID-19 behind, Ezra’s research also reveals which industries are doing the most to push for a post-pandemic boom, something that can be measured by analysing the number of job vacancies currently being advertised.

The Recruitment & Temp Agency industry is currently the most active job advertiser in the US. An industry of just under 3.5 million workers spread across 38,201 businesses, there are currently 608,225 job vacancies being advertised. Measured against the current industry workforce, this means that Office Staffing and Temp Agency is working to increase its workforce by 17.4%, more than any other industry in the nation.

Hospitality Industry Is Now Pushing For A Comeback

Hospitality has been hit by the pandemic as severely as any other industry, if not more so, but with vaccinations rising and infection rates dropping, the sector is now pushing for a comeback. Single Location Full-Service Restaurants are leading the hospitality employment drive. As it stands, 3.3 million staff are employed across 168,386 businesses and current job listings show that the sector wants to employ a further 467,167, a number that means the total workforce will increase by 14.4%. This is closely followed by the Fast Food sector which is currently looking to increase its workforce of 4.6 million by 9.9%.

Colleges and Universities have been forced to adapt quickly to pandemic-era education and while many think this signifies the end of face-to-face learning as we know it, the sector is still making a big push to increase its workforce. There are currently around 3.1 million working in Colleges and Universities and 176,251 job vacancies. Once filled, the workforce will have grown by 5.6%.

Staying with education, Public Schools are also making a drive to increase their workforce with 342,565 job vacancies currently being advertised, equivalent to 5.2% of the current workforce.

Other industries that are currently looking to increase their workforces and push for a post-pandemic boom are Hospitals (4.4%), Supermarkets & Grocery Stores (4%), Shoe Retailers (2.8%), HR companies (2.5%), and Jewellery Retailers (0.4%).

The Light At The End Of The Tunnel

Founder of Ezra, Nick Goldberg, commented:

“It’s been a long, tough journey for US industry and the economy. But judging by the number of job vacancies now being advertised, confidence is clearly growing - people are starting to see light at the end of the tunnel.

”For job seekers, this news should bring a mix of emotions. On one hand, it’s great news that more companies are starting to take on more staff, but there is also going to be a lot of competition for those positions given how many people have seen their careers disrupted or postponed due to pandemic-inspired job cuts.

“Good careers coaching can help you stand out among your peers and enable you to offer something that most others cannot - an understanding of the value you bring to a team or organisation, and the confidence to flourish at interview and beyond.”

Top ten most profitable pandemic beating US industries

Industry / employers Total profit for 2021 so far (billion USD)
Retirement and Pensions $660.7
Commercial Banking $170.3
Life Insurance and Annuities $152.5
Software Publishing $115.8
Portfolio Management $112.1
Health and Medical Insurance $104.1
Trusts and Estates $86.4
Private Equity, Hedge Funds and Investment Vehicles $84.1
Real Estate Loans and Collateralized Debt $75.0
Hospitals $68.1

Source: ibisworld.com

Top ten largest US industries by employment and current job availability

Industry / employers Employment number for 2021 Est number of businesses Current total job listings Job listings as % of employment number 2021
Office staffing and temp agencies 3,495,824 38,201 608,225 17.4%
Single location full service restaurants 3,234,635 168,386 467,167 14.4%
Fast food restaurants 4,593,559 293,329 453,794 9.9%
Colleges and universities 3,152,117 2,416 176,251 5.6%
Public schools 6,646,292 99,402 342,565 5.2%
Hospitals 5,161,594 5,229 226,802 4.4%
Supermarkets and grocery stores 2,898,770 67,612 115,173 4.0%
Retail for shoes 2,512,650 698,053 71,238 2.8%
Professional employer organizations (HR organisations) 2,993,445 3,532 74,452 2.5%
Retail for jewellery 2,883,145 271,756 11,885 0.4%

Data sourced from ibisworld.com for the largest US industries for employment and Indeed for current job listings

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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