On a global basis, the staffing industry is recovering more rapidly from the pandemic-induced economic crash than it did from the global financial crisis of 2008-2009, according to a report by the World Employment Confederation.
Still, this year’s decline is deeper and sharper than the lows of the 2008-2009 recession.
The World Employment Confederation cited data that staffing agency work activity in Europe and the US dropped by 31% and 33% respectively, on an annual basis, in the second quarter of this year. However, looking back to the second quarter of 2009, at the peak of the Great Recession, European and US agency work was down by 29% and 28% respectively.
Recent data cited by the organization shows that global staffing markets have been recovering since May though activity still remains down 20% year over year.