Average salaries of advertised jobs rose 3.1 percent nationwide in December, according to labor market intelligence firm Greenwich.HR. But, the outlook varies significantly across industry sectors and by job type.
“We’re seeing a drop in expected pay levels for higher-paying roles, while advertised pay for other jobs is basically staying flat,” Said Cary Sparrow, Greenwich.HR CEO. “But, the real story seems to be the shift in hiring demand towards higher paying jobs, which is driving the overall average up.”
Across industries, 12 month changes in advertised pay levels vary significantly, ranging from -32.1% for Business Services to +16.4 percent in Transportation. “These figures represent more of a shift in hiring patterns than a shift in pay patterns,“ said Kevin Moldestad, Greenwich.HR COO. “Compared to this time in 2019, demand for higher paying jobs is increasing in industries such as transportation and retail, while hiring is focusing on lower paying jobs in business services, construction, and energy.”
“These figures indicate industries are at very different points in their business cycles,” said Sparrow. “But, with a couple of exceptions, overall they paint a picture of continued strong hiring and business confidence through Q1 and into Q2.”
This analysis is based on job listing data from all Russell 3000 companies. It includes data from over 3.3 million US job listings which were open during December 2018 and December 2019. Job listing trends precede hiring trends by 2-4 months.
This reporting was brought to you by Yahoo Finance Premium. Click here to start your free trial* and step up your investing.