LinkUp partner Larry Green of SmartMarketData recently provided an update to his ongoing COVID-19 market analysis. Powered by LinkUp’s job data, this report shines a light on the global coronavirus pandemic’s continued impact on hiring.
Job postings provide objective evidence of management teams’ expectations of a company’s future business outlook. The report shows total job postings are down from roughly 3.82m to 3.32m, and they are still declining. Green anticipates continued losses of 50k – 110k active job posts per day; possibly resulting in 1,000,000 more before we hit bottom. The report also highlights the noteworthy finding that, for the first time in the history of online job posts, most removed job posts not are NOT filled jobs.
Digging deeper into Travel & Leisure, an industry uniquely impacted by the COVID-19 crisis, the report shows declining jobs among all companies researched. United Airlines has demonstrated a particularly strong response by eliminating nearly 100 percent of their job posts – as of this writing, the company has only one active job listing.
Across other sectors, the data shows Transportation leading in overall decline. Accommodation & Food Services is also near the top of sectors showing substantial decline. Retail Trade has bucked the trend, with companies like Amazon, Walmart and others adding jobs to meet rising demand for groceries and household goods.
“LinkUp data can be used as a real-time objective fundamental indicator of hiring and job growth (or decline),” says Green. “What seems obvious today (that payrolls will decline, that unemployment will increase, and that JOLTS will decline), is not so obvious in “normal” times. Job post data gives a forward looking edge to understanding employment to those who look at it.”
Download SmartMarketData’s COVID-19 research report to learn more.