The Covid-19 outbreak and subsequent lockdown orders that began in March have brought an abrupt end to a decade of sustained growth US staffing industry revenue. Since 2011, spend on temporary labor through staffing firms has increased each year, ultimately reaching an estimated $151.8 billion in 2019. SIA anticipates double-digit revenue declines across most segments and sectors this year; our base-case scenario predicts a 21% revenue decline in 2020, reflecting a 17% drop in temporary staffing and 43% decrease in place and search. As the duration of the outbreak remains highly uncertain, we note that a wide range of scenarios, better or worse than our base case scenario, are possible.
Benchmarks: Covid-19 ushers significant drop in spend
Contingent Workforce Strategies 3.0 staff
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