Business Services | Fourth Quarter 2021

January 2022 – The SOLIC Business Services Sector Index (“SBSS Index”) rose 8.7% in Q4 2021, consistent with the 9.4% increase for the S&P 500. While the Business Services sector overall was consistent with broader markets, there was significant divergence within subsectors. The IT Consulting index was up by over 24% and the HR Services index increased by 18.3%, led by payroll companies such as ADP and Paychex and the view that such companies would benefit from accelerating employment in 2022 as well as rising interest rates. On the other side, the Professional Staffing Index was up only 1.9% during the quarter, representing a pull back after record appreciation during the first half of 2021.

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January 27, 2022