TBG’s very own Jordan Shapiro was recently featured on the Schwab Network, where he dissected the latest JOLTS report. Here are some of his key takeaways from the report and some insights into the job market.
US Job Market Holding Steady
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- Job openings reached 7.44 million in September, just under the expected 8 million—showing a stable job market.
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- Demand for skilled workers remains strong, which is a good sign for the economy. Sectors needing specialized skills, like finance and professional services, are especially in demand.
Sector-by-Sector Updates
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- Finance and Insurance added 85,000 openings; Professional Services up by 77,000. These areas are hiring!
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- Meanwhile, Healthcare and Social Assistance saw a drop of 178,000 jobs month-over-month and 476,000 jobs year-over-year as the sector stabilizes after COVID.
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- Manufacturing stayed consistent, while Construction job openings declined as projects slow.
Big Picture Takeaways
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- Overall, we’re seeing a “normalizing” trend in the job market post-COVID, with fewer drastic changes month to month.
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- Wage growth for high earners is slowing as competition for certain jobs decreases, but sectors with hourly-wage jobs are holding steady.
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- Even with fewer openings, it’s not necessarily a bad sign—many companies are now focused on making quality hires instead of mass hiring like they did after COVID.
