Job Postings Fell 15% From Last Year: This Job Is Suffering the Most
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The U.S. job market is showing signs of cooling, and the number of openings could return to pre-pandemic levels by summer. As of April 7, job postings on the employment website Indeed fell 15% from the same time last year, with the biggest decline in the tech sector.
According to data from Indeed’s Hiring Lab, software development job postings are down 55.4% from the same time last year. Job postings in the banking and finance industry are down 41%, while insurance postings are down 18.5%. Nearly all categories besides education experienced a decline in postings. Education job offerings rose 0.9% over the same period.
Barron’s pointed out that these numbers aren’t surprising, given all the layoffs since last year. Job cuts started with tech companies and investment banks and have since expanded to other industries.
Widespread layoffs usually mean companies are less likely to hire for new positions, Barron’s noted. Nick Bunker, Indeed Hiring Lab’s economic research director, noted a decline of 1.3 million jobs over the last two months, signaling that the economy is cooling down. At this rate, Bunker estimates that the number of job openings could return to pre-pandemic levels by summer.
But a cooling job market doesn’t mean disaster is on the horizon. Bunker noted that there’s a “sustainable and healthy” slowdown instead of an abrupt halt. How that progresses could depend on next week’s meeting of the Federal Open Market Committee. Last month, the FOMC announced that the Fed had raised the target federal funds rate by 0.25% in part because of low unemployment and an increase in job gains.
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