Business Services | Second Quarter 2023

July 2023 – This issue of SOLIConnect includes a discussion with regard to flat activity in the Business Services Sector Index during Q2 2023, well below the 8% increase experienced by the tech driven S&P 500. Performance varied significantly by sector with Information Services (+14.5%) benefiting from the continuing digital transformation trends impacting the U.S. economy. On the other hand, the Business Process Outsourcing sector (-16.1%) experienced a significant decline due to concerns that generative AI applications will significantly reduce the demand (and pricing) for outsourced customer service and IT support, particularly for labor intensive offshore business models.

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