Tax & Accounting Firms Lead U.S. Economy in Growth Rates

Employment and hours trending up.

By CPA Trendlines

Professional and business services such as accounting are emerging as a bright spot in our economy, according to CPA Trendlines sources.

The national unemployment rate remains at 5.1 percent. Total nonfarm payroll employment increased by 142,000 in September, with 31,000 of those jobs coming in professional and business services. Overall job growth has averaged 198,000 per month, compared to an average monthly gain of 260,000 in 2014. In professional and business services, monthly job growth has averaged 45,000 in 2015, compared to an average 59,000 in 2014.

Accounting and bookkeeping employment hit the 1 million mark this year and keeps climbing.

 

In accounting and bookkeeping services overall, the industry continued its upward climb, reaching 1,014,600 employees. The peak reflects a gain of 5,400 or 0.5 percent in the past month, and 47,000 or 4.9 percent in the past year.

Posted on October 17, 2015