With news of the COVID-19 outbreak moving at a breakneck pace, we wanted to provide a view of what our job data tells us so far. Overall, hiring is down significantly at 2.3% since the end of February.
With news of the COVID-19 outbreak moving at a breakneck pace, we wanted to provide a view of what our job data tells us so far.
Overall, hiring is down significantly at 2.3% since the end of February. This timing aligns with the February 27th announcement that the White House had escalated its response to the outbreak, placing Vice President Mike Pence in charge of the administration’s coronavirus strategy. In examining data from the same date range in previous years, it does not appear seasonality is a factor in this downward trend.
Hiring by MSA
We also took a closer look at hiring in corona-impacted cities. As expected, we are seeing decreases in hiring for Metropolitan Statistical Areas (MSAs) in California, Washington, and New York. Several of these MSAs were on an upward trend in early 2020, but dropped sharply as known COVID-19 cases in the area increased.
Hiring by Industry
Looking at the time period of 2/27/20 – 3/7/20, we can clearly see the employers hit hardest by the outbreak. Unsurprisingly, travel and tourism top the list. Hotel hiring has seeing the biggest declines with 30.7% less job listings since 2/27/20, followed by Cruise industry hiring down 10.1%, and the Airline industry down 8.3%. The employers in those respective industries with the biggest declines are Hilton Worldwide, Carnival Cruise Lines, and United Airlines.