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I came across this fascinating article by the team at Axios about the top 10 industries where job openings are declining from February 2022 to February 2023.
The number of job openings declined across almost all industries in February from this time last year, according to government data out yesterday, Emily writes.
Why it matters: Employers took a chill pill, and the hiring frenzy we saw over the past two years is fading out a bit.
Details: The industries with the biggest pullbacks in job openings are ones that had an easier time staffing up in the ultra-hot labor market โย like white-collar business services.
- Those professional sectors take a longer-term outlook when it comes to hiring, says Nick Bunker, head of economic research at the jobs site Indeed.
- A consulting or media firm might see a slowdown in demand ahead, leading it to cut down on open positions. Restaurants, on the other hand, don’t operate like that.
“Industries tied to the prospect of future growth, they’re pulling back the most,” Bunker says.
The big picture: There are still many more job openings now than there were in February 2020. And this isn’t the same job market we had back then.
- Notably, workers are still quitting their jobs at historically high levels, as Axios Macro reported. And layoffs are also at historically low levels (with the tech industry being a notable exception).
Job seekers can leverage this news by adjusting their job search strategies and expectations accordingly. As the number of job openings declined across almost all industries in February compared to last year, job seekers may need to expand their job search to industries that are still hiring, such as healthcare and logistics. They may also need to be more flexible and open to considering roles that they may not have considered before, as competition for jobs may increase.
Job seekers may also want to consider updating their skills to make themselves more attractive to potential employers. With industries that are pulling back the most being those tied to the prospect of future growth, job seekers may want to focus on developing skills that are in demand in growing industries, such as data analysis and digital marketing.
It’s also worth noting that while employers may be hiring less, workers are still quitting their jobs at historically high levels. This suggests that there are still opportunities for job seekers who are willing to make a change, as well as potential for upward mobility in existing roles.
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