Demand for US jobs among Russell 3000 companies continued to slip as job advertisements during February fell 13% compared to January, marking the second month of declines. Hiring demand continues to be elevated for higher-paying positions. This is according to labor market intelligence firm Greenwich.HR, which tracks hiring and pay behaviors.
‘While advertising levels remain strong compared to early 2019, we’re seeing month-over-month decreases across all sectors,’ Says Cary Sparrow, CEO Greenwich.HR. ‘Interestingly, retail was the sector with the smallest change, while sectors such as oil and energy, construction, and automotive showed the steepest declines.
Job listing data typically precedes actual hiring by 2-4 months.. ‘The fact that other industries are pulling back faster than retail shows this softening goes beyond seasonal fluctuations. This marks the second month in a row where job advertising has fallen by more than 10 percent, suggesting we’ll see flattening hiring as we enter Q2,’ said Sparrow.
This dip in hiring demand may reflect a short term hesitancy rather than a longer term change in business outlook. ‘The fact that companies are continuing to hire higher-paying positions at a greater rate than a year ago suggests businesses are continuing to build capability,’ Says Sparrow. 50% of positions being advertised in February are being paid more than $40 thousand per year, up from 45% a year ago.
This analysis is based on job listing data from all Russell 3000 companies. It includes data from over 4.2 million US job listings which were open during February 2020, January 2020, and February 2019. Greenwich.HR tracks the hiring and pay behaviors of over 2.8 million organizations.
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