{"id":4404,"date":"2022-08-30T12:27:54","date_gmt":"2022-08-30T16:27:54","guid":{"rendered":"https:\/\/www.ziprecruiter.com\/blog\/?p=36888"},"modified":"2022-08-30T12:27:54","modified_gmt":"2022-08-30T16:27:54","slug":"the-labor-market-kept-soaring-in-july","status":"publish","type":"post","link":"http:\/\/jerome1greene.x10host.com\/wp\/the-labor-market-kept-soaring-in-july\/","title":{"rendered":"The Labor Market Kept Soaring in July"},"content":{"rendered":"<p>Job seeker sentiment cooled in August, according to the <a href=\"https:\/\/www.ziprecruiter.com\/job-seeker-confidence\">ZipRecruiter Job Seeker Confidence Index<\/a>, but it may be influenced by headlines about layoffs and hiring freezes more than by the facts on the ground. As of the end of July, U.S. businesses still had 11.2 million job openings to fill (60% more than before the pandemic) and they were hiring 6% more new staff each month than before the pandemic, according to the <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/jolts.pdf\">JOLTS Report<\/a> from the U.S. Bureau of Labor Statistics. The result is vastly expanded opportunities for job seekers, and far greater job security than before the pandemic.&nbsp;<\/p>\n<p>Here are some highlights from the report:&nbsp;<\/p>\n<ul>\n<li>Layoffs and firings hit a new record low in accommodation and food services. Just 88k employees were discharged in July, down from 144k in pre-pandemic February 2020. Hospitality companies tell us that what was once a \u201cone strike, you\u2019re out\u201d rule for employees who failed to show up at work without notice is now more like a \u201cten strikes, you\u2019re out\u201d rule. They cannot afford to fire workers because they cannot afford to replace them. The decline in terminations in industries like hospitality have been so large, they have more than offset the increase in layoffs in the tech sector (totalling <a href=\"https:\/\/layoffs.fyi\/\">74k positions<\/a> all year).&nbsp;<\/li>\n<\/ul>\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/11049083?1211681\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<ul>\n<li>Layoffs aren\u2019t just low in hospitality, but in small businesses more generally. July saw a record-low layoff rate (0.7%) in small businesses with 10 to 49 employees, where layoffs and terminations have been unusually low for months. In an extremely tight labor market where businesses are struggling to attract candidates, employers are holding onto the workers they\u2019ve got, despite rising recession risks and business uncertainty.&nbsp;<\/li>\n<\/ul>\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/11049042?1211681\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<ul>\n<li>With 321k job openings, enterprises recorded the highest number of vacancies in July. Job openings in enterprises increased by 18% over the month, accounting for almost half of the overall increase in job openings. The spike is big enough to compensate for last month\u2019s slowdown in vacancies and bring the trend back to where it would be without any cooling. The number of vacancies is 3.6 times the pre-pandemic average right now. And if trend continues, we would see the number of job openings to hit 4 times the pre-pandemic levels within months.&nbsp;<\/li>\n<\/ul>\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/11048947?1211681\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<ul>\n<li>Despite a hiccup in hiring last month, large businesses resumed their hiring plans in July. Hires in large businesses with 1,000 to 4,999 employees bounced back strongly in July, increasing 24% over the month. Despite a spike in hiring in large businesses, the total number of new hires in the private sector decreased slightly due to a slowdown in mid-size businesses. It looks like recession planning is off the table for large businesses.<\/li>\n<\/ul>\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/11048933?1211681\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Job seeker sentiment cooled in August, according to the ZipRecruiter Job Seeker Confidence Index, but it may be influenced by headlines about layoffs and hiring freezes more than by the facts on the ground. As<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-4404","post","type-post","status-publish","format-standard","hentry","category-job-market-insights"],"_links":{"self":[{"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/posts\/4404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/comments?post=4404"}],"version-history":[{"count":1,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/posts\/4404\/revisions"}],"predecessor-version":[{"id":4405,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/posts\/4404\/revisions\/4405"}],"wp:attachment":[{"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/media?parent=4404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/categories?post=4404"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/jerome1greene.x10host.com\/wp\/wp-json\/wp\/v2\/tags?post=4404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}