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Related Experiment Videos

The services industry: is it recession-proof?

M Urquhart

    Monthly Labor Review
    |September 8, 1981
    PubMed
    Summary

    The services sector, particularly business and health services, significantly contributed to employment by 1980. This sector has shown remarkable resilience, remaining largely unaffected by economic downturns since 1948.

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    Area of Science:

    • Economics
    • Labor Market Analysis

    Background:

    • The services division's employment share grew substantially by 1980.
    • This growth was primarily driven by the business and health services subsectors.

    Purpose of the Study:

    • To analyze the long-term employment trends in the services sector.
    • To assess the cyclical sensitivity of the services division in relation to economic recessions.

    Main Methods:

    • Analysis of historical employment data from 1948 to 1980.
    • Examination of the services division's contribution to total employment.

    Main Results:

    • The services division accounted for nearly 20 percent of total employment in 1980.
    • The sector demonstrated significant immunity to recessions, showing relative cyclical insensitivity over the study period.

    Conclusions:

    • The services sector has become a stable and growing component of the labor market.
    • Its insensitivity to economic cycles suggests a distinct role in labor market stability.

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