Here’s Why it May be Harder to Find a Job Online
Recent data from online job platforms Indeed and LinkedIn is signalling a potential slowdown in the robust US labour market that has characterized the past few years. According to Nick Bunker, Indeed’s economic research director for North America, total job postings on Indeed have witnessed a more than 15% decline since the beginning of 2023. New job postings, those active for seven days or less, have decreased by 13.5% year-over-year.
LinkedIn, pooling data from over 206 million US users, also reported a dip in hiring between late 2022 and late 2023. Karin Kimbrough, LinkedIn’s chief economist, highlighted a nearly 10% year-over-year decrease in hiring on the platform in December, anticipating heightened competition for jobs in 2024 as hiring levels off.
Industries most affected by the online recruiting slowdown, particularly in traditional white-collar office jobs, include software development (down 44.6%) and banking and finance (down 31.3%), according to Indeed.
The decline in remote work opportunities is noteworthy as fewer employers are willing to offer this post-pandemic perk amid increased competition for fewer job listings. At its peak in April 2022, remote job postings comprised 20% of all jobs on LinkedIn, but this share has significantly dropped, with a more than 9% decrease from January 2022 to December 2023.
While the overall employment data remains strong, with the US economy adding 216,000 jobs last month and a steady unemployment rate of 3.7%, some economists, including those at Wells Fargo, are cautious about potential signs of a softening employment picture. Layoff announcements from high-profile companies like Google, Amazon, and Citigroup have added to concerns about the labor market’s resilience in 2024.
