The U.S. Job Market Continues to Deteriorate as Vacancies Last Week Dropped Yet Again for the 6th Consecutive Week
Job openings in the U.S. dropped another 1% last week and since Labor Day, labor demand has fallen 7%.
As we indicated last week, we’ll provide some commentary on the U.S. job market shortly, but we want to get this week’s job vacancy data published as quickly as possible.
Last week, active U.S. job vacancies posted on company and employer websites globally dropped 1.2%, the 6th consecutive weekly decline. Since Labor Day, labor demand in the U.S. has declined 7%.
To put that into broader context, labor demand now sits 2.3% below where it was the week before the country went into Covid lockdown in March, 2020.
Since the Fed started hiking rates in March 2022, labor demand has dropped 35%.
Since the election, it’s dropped 15%.
And since April Fools Day, it’s dropped 12%.
As a share of total U.S. labor demand, job vacancies for openings in the U.S. listed on individual corporate career portals of companies headquartered outside of the U.S. has stayed perfectly flat at 89% since the clown show in the Rose Garden.
In the last week, labor demand dropped again in nearly every single state in the country.
New job openings by state fell in all but 6 states last week.
Since April, labor demand has dropped significantly in both manufacturing and services.
And last week, labor demand fell in all but 5 sectors.
Over the past month or so, labor demand has also dropped significantly in both blue and white collar jobs, although last week, the rate of decline in white collar jobs did taper off.
And last week, all but 5 occupation groups showed a decline in labor demand.
Since April, daily job vacancies in the U.S. posted by employers worldwide has dropped from 2.95M to 2.55M yesterday, a decline of 13%
Again, we’ll provide our commentary on the U.S. job market soon but the short version, not surprisingly, is that the crumbling job market is going to lead to some nasty surprises when the lights come back on in this horror show.