comeback stalls as layoffs hit 1,500 in accounting

cpa firms cut average staff pay.

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by beth bellor
卡塔尔世界杯常规比赛时间 research

the accounting profession sector by sector generally looks slightly brighter, with most reporting headcount growth for the month – but losses for the year.

exceptions include the profession overall, which is taking a 0.2 percent dip, tax preparation services up for the year 3.3 percent, and bookkeeping, up 1 percent.

more on jobs: tax & accounting regains 3,800 jobs | accounting jobs recovery slows | tax & accounting firms rehire two-thirds of pre-covid workforce | tax & accounting firms rehire two-thirds of pre-covid workforce | new job cuts at cpa firms | covid job toll: tax & accounting cuts 17,500 employees | firms recall half of furloughed staffers
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in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax, and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

infographic
adp national employment report

 

the unemployment rate was little changed in february at 6.2 percent, continuing to reflect the impact of the covid-19 pandemic. total nonfarm payroll employment rose by 379,000, according to the u.s. bureau of labor statistics, bringing the number of unemployed persons to 10 million. while these measures are much lower than their april 2020 highs, they remain well above their february 2020 pre-pandemic levels of 3.5 percent unemployment and 5.7 million unemployed persons.

in professional and business services, temporary help services added 53,000 jobs in february but still is down by 175,000 from one year ago. services-providing sectors generally fared better than goods producers, according to the adp national employment report.

infographic
adp national employment report

 

midsized businesses of 50 to 499 employees added the most people at 57,000, the report noted. small businesses of 1 to 49 employees added 32,000 and large concerns of 500 or more added 28,000 employees.

 

line chart
^ overall employment

 

overall accounting profession employment dipped slightly in february to 996,300, down 1,500 or 0.2 percent for the month and 31,400 or 3.1 percent for the year. employees averaged 36.2 hours, up 6 minutes or 0.3 percent for the month and flat for the year. hourly earnings at $36.20 were down 16 cents or 0.4 percent for the month but up $1.15 or 3.3 percent for the year.

pre-covid, the total headcount for the profession peaked at 1,027,700 in february 2020, crashing to 966,600 in april 2020, and has been inching it way back up since then.

staff numbered 728,700, up 1,500 or 0.2 percent for the month but down 35,900 or 4.7 percent year over year. they put in 34.9 hours, up 18 minutes or 0.9 percent for the month and 36 minutes or 1.7 percent for the year. staff averaged $27.89 in earnings, up 16 cents or 0.6 percent for the month and 24 cents or 0.9 percent for the year.

line chart
^ cpa firm employment

 

cpa firms

cpa firms employed 492,400, up 4,400 or 0.9 percent for the month but down 4,300 or 0.9 percent for the year. their hours averaged 37.5, up 1 hour 6 minutes or 3 percent for the month and 36 minutes or 1.6 percent for the year. they made $37.47 – the lowest mark since july – down 77 cents or 2 percent for the month but up 51 cents or 1.4 percent for the year.

line chart
^ cpa firm staff employment

 

staff in cpa firms numbered 336,200, up 1,100 or 0.3 percent for the month but down 16,300 or 4.6 percent for the year. they averaged 36.5 hours, up 1 hour or 2.8 percent for the month and 42 minutes or 2 percent for the year. earnings at $29.21 were down 66 cents or 2.2 percent for the month but up 68 cents or 2.4 percent for the year.

tax prep

tax preparation services employed 96,100, the first uptick after five months of decline. the figure was up 300 or 0.3 percent for the month and 3,100 or 3.3 percent for the year.

line chart
^ payroll services employment

 

payroll services

payroll services employment totaled 169,600, up 8,100 or 5 percent for the month but down 5,300 or 3 percent for the year. weekly hours averaged 37.4, down half an hour or 1.3 percent for the month but up 24 minutes or 1.1 percent for the year. their earnings topped $36 for the first time since august at $36.07, up 85 cents or 2.4 percent for the month and $2.82 or 8.5 percent for the year.

payroll staff numbered 138,100, up 2,500 or 1.8 percent for the month but down 7,400 or 5.1 percent for the year. they put in 37.6 hours, down 48 minutes or 2.1 percent for the month but up 1 hour 12 minutes or 3.3 percent for the year. earnings of $28.72 were up $1.47 or 5.4 percent for the month and 40 cents or 1.4 percent for the year.

line chart
^ women in the profession

 

women

there were 638,900 women in the profession overall, up 1,500 or 0.2 percent for the month but down 15,500 or 2.4 percent for the year. in cpa firms they numbered 301,700, down 400 or 0.1 percent for the month and 4,700 or 1.5 percent for the year, and in payroll their total 82,800 was up 1,000 or 1.2 percent for the month but down 5,500 or 6.2 percent for the year.

bookkeeping

other accounting services employed 261,500, up 2,500 or 1 percent for the month and 2,600 or 1 percent for the year.