The coronavirus pandemic has dealt a heavy blow to almost every industry, with business services being no exception. However, going by the first half of the year, the business services industry has been more resilient compared with the other industries despite the worldwide manufacturing suspension and supply-chain disruptions.
Sector Shaping Up With Gradual Economic Recovery
With the gradual lifting of lockdown restrictions around May and June, investors have been noticed to gain some optimism. While most sectors are struggling to cope with the market mayhem, the business services space has been benefiting 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.
Both manufacturing and non-manufacturing activities are gathering steam, helping the demand environment for business services become healthier. Per the most recent forecast by the Federal Open Market Committee meeting on Sep 16,