The Blubber

Per Hiring Lab

The recent Indeed Hiring Lab posted a Q1, 2023 report that showed how there was a 55.4% decline when it came to software development job postings compared to a year ago. In total, the Indeed site reported that they saw a 15% YoY drop in job postings overall.

The news comes as massive layoffs are happening throughout the big tech sector, with major companies letting go of thousands of staff. Many big companies also decided to freeze their hiring, which could have also affected the number of job postings for the quarter.

Despite that, it was still reported that the job postings were still 33% above the pre-pandemic baseline. Aside from software development jobs, there was also a huge drop in job postings for the banking & finance sector.

The banking & finance sector saw a decrease of 41% YoY in job postings compared to the same time a year ago. Insurance job posts also declined and were down by 18.5% YoY.

Production & manufacturing saw a decrease in job postings by 18.4%, while Construction decreased by 6%. The report also detailed how worker turnover has also seen a decline, especially in the professional & business services industry.

In another survey of over 1,000 hiring managers, it was found that 27% of them had job postings up for over four months. It was also revealed through the report that hiring managers left the post open for positions that they weren't actively trying to fill, meaning the roles weren't urgent or prioritized.

It was recently revealed that remote-friendly roles saw an all-time high in some major US cities. This was true for places like Atlanta, Chicago, and New York.

Cities like Lansing, Michigan, had 39% of their job postings for remote positions. However, in other places like San Jose, there has been a 20% decline in remote work positions in December to just 15% in February.

See flow at unusualwhales.com/flow.

Other News:

• Survey of over 1,000 hiring managers reveals 27% of them have job postings up for over four months
• Remote-friendly roles see an all-time high in some major US cities

Resources:

Hiring Lab