The US Active Jobs Index is showing a downward trend with a 14% decline month-on-month (MoM) in June 2023. The US job openings trajectory (GlobalData US jobs data) is in line with trends from the US Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover Survey (JOLTS). JOLTS also showed a downward trend in May 2023, observes GlobalData, a leading data and analytics company.
Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “Despite the gradual recovery from the COVID-19 pandemic, the data reveals a concerning downward trend in US job openings. The findings echo the observations made by the BLS JOLTS report, further emphasizing the current challenges faced by the US labor market.”
GlobalData active jobs index had a variance of 15% at the end of June 2023 as compared to the start of 2023, indicating an uncertain macro environment. The variance in active jobs in 2020 was 18% due to COVID-19. However, it declined in 2021 (13%) and 2022 (9%) as companies continued to post jobs.
An analysis of GlobalData’s Job Analytics Database reveals that industries such as retail, technology, banking and payments, and travel and tourism posted lesser number of jobs in H1 2023 compared to H1 2022. Similarly, in June 2023 industries such as insurance, technology, construction and automotive also posted lesser number of jobs compared to the previous month.
According to GlobalData’s Company Filings Analytics Database, structural factors continue to influence the US inflation and job market. Rising costs have impacted the hiring process, compelling employers to devise strategies to attract and secure top talent.
