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October Hiring Demand Gains Momentum In Spite of Recession Fears

Joanna Kong
Yahoo Finance Premium

Demand for US jobs among Russell 3000 continued to rise sharply during October, in spite of growing speculation of a recession, according to labor market intelligence firm Greenwich.HR. The number of open US job listings among Russell 300 companies in October rose nearly 50 percent compared to the same period in 2018. Construction, medical, and business services sectors continued to lead the growth.

Demand for US jobs among Russell 3000 continued to rise sharply during October, in spite of growing speculation of a recession.
Demand for US jobs among Russell 3000 continued to rise sharply during October, in spite of growing speculation of a recession.

“Even with growing concerns about an upcoming recession, hiring demand continued to gain momentum in October across almost all types of jobs and all pay levels,” says Kevin Moldestad, COO of Greenwich.HR. “The only sector that saw a decrease in hiring demand compared to 2018 was consumer-discretionary – all other sectors are up sharply.”

This analysis is based on job listing data from all Russell 3000 companies. It includes data from over 3.4 million US job openings during September 2018 and September 2019. Job listing trends precede hiring trends by 2-4 months.

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