⚠️CHART OF THE WEEK: US New job postings on Indeed fell to the pre-pandemic levels.
⚠️CHART OF THE WEEK: US New job postings on Indeed fell to the pre-pandemic levels.
New job postings on Indeed declined 27.4% year-over-year to their lowest since January 2021
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US new job postings on Indeed fell 27.4% year-over-year in October to their lowest level since January 2021.
New job postings have been declining for over 2 years and are down 45% from the February 2022 peak.
As a result, they are now in line with their pre-pandemic levels seen in February 2020. In other words, the job market continues to weaken.
It is worth noting that data provided by Indeed is more timely than the BLS-provided series of job openings. This, in turn, suggests that nationwide job openings will fall further in the coming months. We will see whether this materializes on Tuesday when the BLS releases job openings data for September.
Nevertheless, Friday will be the most important next week as non-farm payrolls and unemployment rate data for October are scheduled. Below you can find a recap of September’s job report and the true assessment of the US labor market.
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I wonder if the recent trend of media reporting about "ghost jobs" is partially responsible for the jobs posted decline. Now that workers are getting more savvy in identifying likely ghost jobs companies face potential embarrassment and ridicule if they post them.