Four Monster Service Sectors With Revenues Dominating The U.S. Economy

Financial Planners

Their huge sales, dizzying growth rates, and high salaries make a big difference.

By Wolf Richter of Wolf Street.

Services purchased by consumers, businesses, and governments account for nearly two-thirds of the US economy. But four mega-sectors dominate completely. They have experienced explosive growth over the past few years. Three of which he has increased by more than 30% since 2019. The giants of the US economy are:

  1. finance and insurance
  2. healthcare services
  3. Professional, scientific and technical services
  4. information

These four sectors are huge in terms of sales, but only one of them, healthcare, is big in terms of employment. Workers in these fields are highly educated, skilled and often well paid.

Absolute Monsters: Finance & Insurance: +33% since 2019.

First quarter sales increased 15.1% year-over-year to $1,570 billion and increased 33% ($386 billion) over the first quarter of 2019. These are huge percentage increases for huge sums of money.

F.income and insurance The division employs approximately 6.7 million people. Includes banks, credit unions, brokers, mortgage brokers, portfolio management, securities and commodity exchanges. Trust, Trustee and Custodian Activities. Employee Benefit Fund. pension fund. Mutual funds; All insurance companies, including health and medical insurers, insurance brokers, claims adjusters, etc.

Monster #2: Health and Social Assistance: +26% SinsAround 2019.

First quarter revenue increased 9.8% year-over-year to $849 billion, up 26% from the first quarter of 2019.

The division has approximately 21.3 million employees and includes services provided by doctors, dentists, hospitals, clinics and diagnostic laboratories. Nursing and Residential Care Facilities.childcare services, etc.

To do not included Health insurance is categorized under financial and insurance.and it will be not included Other healthcare-related fields such as pharmaceuticals, medical devices, and medical devices

Professional, scientific and technical services: +38.5% since 2019.

First quarter revenue increased 8.1% year-over-year to $675 billion, up 38.5% from the first quarter of 2019.

The division has approximately 10.9 million employees, including lawyers. architecture, engineering and related services. design service. Computer system design. Management, science and technology consulting. scientific research and development. Accounting, tax preparation and payroll services. Advertising and Public Relations. Voting, commercial photo shoots, etc.

Information: +32% from 2019.

First quarter revenue increased 4.3% year-over-year to $567 billion, up 32% from the first quarter of 2019.

The sector employs only about 3 million people. This includes telecommunications services, web search portals, data processing, data transmission, information services, software publishing, film and sound recording, broadcasting, including the Internet.

And just for fun… gambling.

We also have a very vibrant service sector that is experiencing explosive growth right now. It’s gambling. But it’s still a small area. First quarter sales increased 17.5% year-on-year to $8.9 billion.

This industry group does not include casino hotels. It’s under the hotel. However, it also includes businesses that provide gambling services such as casinos, bingo halls, video game terminals, lotteries and off-site betting. It seems that gambling madness has broken out.

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