Job Listings

2024 will be a fascinating year for the job market. Labor supply remains constrained, so the unemployment rate will be driven by demand dynamics. Job listings are a leading indicator of labor demand.

Job listings began declining early in 2023. The weakness in job listings has become more widespread, particularly among large companies. In October, the number of job listings among S&P 500 companies declined in every industry on a year-over-year basis.

Looking at All Businesses

Small businesses hired less than large businesses did during the pandemic. Looking at the jobs listings picture across the economy, the decline in listings does not look as bad. Nevertheless, the trend in listings is firmly downward in almost all industries. Construction is a notable exception with the Inflation Reduction Act driving the largest increase in government spending on construction since the Great Depression.

By State

Every state experienced a decline in job listings in October, continuing the trend from September. The regions with the most pervasive declines were the Mountain West and the South.