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Business Services | First Quarter 2022

April 2022 – The SOLIC Business Services Sector Index (“SBSS Index”) declined by 8.2% during Q1 2022 compared to a 4.9% decline by the S&P 500, reflecting growing investor uncertainty about the impact of the war in Ukraine, record inflation and rising interest rates. Several Business Services sub-sectors, however, either outperformed or were in line with the overall market during the quarter. Stocks for Specialty Consulting Services (-2.5%), HR Services (-5.1%) and Professional Staffing (-6.3%) reflected continued strong demand for labor supply and HR recruiting services given the historical tight labor market. Marketing Services (-5.3%) continues to experience strong demand as companies of all sizes seek to employ new digital tools to attract and retain customers.

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