Professional and business services saw a large increase in jobs last month and more than 100,000 jobs were added last month. Think of accountants, IT staff, consultants, all the clerical work that many people went through before the pandemic. Since February 2020, the sector has created more than 700,000 jobs.
Sherrell T. Martin, who runs the accounting firm Nitram Financial, has had a busy year. Martin works with a number of interior design companies and says her clients had a lot of work to do during the pandemic.
“Everyone remodeled, remodeled, exchanged their entire house. Now that there are more of them, it’s like hey, [laughs] let’s make it more attractive, “she said.
The Martin company had only two employees last year. Two weeks ago, she hired a new employee to help her cope with the growing burden.
And he’s still looking. “I have a very aggressive growth strategy that will require me to have at least two other people. So the plan is to employ them, “she said.
Employment in the professional and business services sectors remained strong during the pandemic, partly because much of this work could be done from home. According to Paul McDonald and staffing Robert Half, this has also provided companies in the sector with a greater supply of talent from which to hire.
“Why don’t we hire someone who can live in Kansas City, even though we’re based in San Francisco, if he has the right skills,” he said. According to McDonald, virtual work has also created its own demand for these types of jobs, especially IT positions.
“If you are thinking of organizations that had to turn around to work from home, they did not have technical support. They did not have cloud computing. They needed help, “he said.
According to Katie Birkelo, senior vice president of personnel at Randstad USA, as the economy began to return and other industries hired new, the demand for consultants and accountants also increased.
“You can’t increase the number of jobs in, say, a restaurant and have no one to take care of the salaries of these professionals,” she said.
Birkelo said it has been difficult to take on these roles lately, especially at such a low unemployment rate.
As a result, said Kathy Bostjancic, a chief U.S. economist at Oxford Economics, salaries in the sector are rising. “Year-on-year, the average hourly earnings of workers in professional and business services increased by 6.7%,” said Bostjancic, adding that this is a sign that this labor sector is leading the economic recovery.