GlobalData’s US Active Jobs Index continued its fall in October 2022, dipping by over 14% when compared to the previous month. Even though the active jobs open for application are high compared to the pre-COVID-19 levels, this is a substantial fall compared to September 2022, which saw a 7.8% decline. The US Bureau of Labor Statistics JOLTS September 2022 results are due for a release on 1 November 2022, while GlobalData Index is calculated on a near real-time basis.
New job postings declined across the US, with states like California, Texas, Florida, Pennsylvania, and Illinois, seeing a decline of over 50%. Companies posting new jobs also declined by 5-7% across these states as compared to September 2022.
Srinivas Rahul, Business Fundamentals Analyst at GlobalData, comments: “Active jobs declined across all industries as companies closed 24% more jobs than the new job postings. Company hiring was selective with around 140 jobs posted for newly created roles in October 2022.”
According to GlobalData Job Analytics Database, companies such as Amazon.com, UnitedHealth Group Inc and JBS SA posted new roles. Examples for newly created senior roles include ‘Radiation Oncology Medical Director – Telecommute’ by UnitedHealth Group Inc.; ‘Director, Regulatory Change Monitoring’ from Standard Chartered; ‘Principal Client Partner’ by Unity Software; and ‘Senior Manager, Medical Billing Operations – Health and Wellness’ by Walmart.
Rahul concludes: “Companies remain cautious about hiring as discussions around inflationary pressures, economic slowdown, and potential recession are on the rise. Cost controls, restructuring/reorganization, digital initiatives are also impacting hiring. Around 100 companies announced layoffs globally in October. Zillow is laying off amidst a slowdown in the housing market. Other companies announcing laying offs in the US include Chesapeake Energy, Fundbox, Oracle, Cerebral, Convoy, Roofstock, Clear Capital, Microsoft.”
