In the third quarter of 2020, amid coronavirus-induced market uncertainty across the globe, the business services space benefited from increasing adoption and success of the work-from-home model, rising demand for risk mitigation and consulting services, and expertise to improve operational efficiency and reduce costs
Figures That Validate This Growth
With the U.S. economy recovering gradually, both manufacturing and non-manufacturing activities have been gathering steam, thereby boosting demand environment for services like consulting, outsourcing, business-information, advertising and marketing. Per the forecast by the Federal Open Market Committee meeting on Sep 16, U.S. GDP is expected to contract 3.7% in 2020 and rebound up to a record 4% in 2021. Growth could be 3% in 2022 and 2.5% in 2023.
Notably, economic activity in the manufacturing sector expanded 1.8% from July to August as the PMI measured by Institute for Supply Management (ISM) touched 56%. This is the fourth consecutive month of