October 2023 Jobs Recap: Labor Market Analysis

In October 2023, job listings decreased in all U.S. states except New Hampshire, leading to a 2.6% overall decline compared to last month. Created job listings were down 7.5%, following a steady decline for the past two months and removed job listings increased by 4.5% signaling that positions were either filled or withdrawn from employer websites. Keep reading to see how the job market data breaks down further.

U.S. Job Listings by Month | Jan 2020 - October 2023

CLOSED DURATION

The entire U.S. economy tracks hiring velocity by measuring closed duration, or the average number of days that companies post job listings on their websites before removing them. As the average number of days a job listing remains live increases, hiring velocity slows.

During October, it took 44.6 days on average for a job listing to be removed from employer websites. Compared to last month's 39.6 days, we see hiring velocity has slowed down. The month over month increase in the closed duration was primarily driven by Business and Financial Operations and Computer and Mathematical occupations.

Closed Duration of U.S. Jobs | Jan 2020 - October 2023

JOBS DATA BY STATE

All 50 U.S. states experienced a decline in job listings, which is a similar trend to September 2023. The states that saw the largest decline in job listings were:

• South Dakota (-13.8%)
• Montana (-10.9%)
• Alabama (-8.2%)
• Vermont (-8.1%)
• Idaho (-6.8%)

% change in active job listings (month-over-month) | October 2023

JOBS DATA BY INDUSTRY (NAICS)

77% of industries experienced a decline in job listings similar to what we saw in September 2023. Overall, Other Services (except Public Administration) had the largest decline of 8.6%. A few other industries that experienced a drop in labor demand were:

• Management of Companies and Enterprises (-8.0%)
• Public Administration (-5.4%)
• Arts, Entertainment, and Recreation (-4.7%)

Five industries experienced growth during October. The Construction industry had the largest increase in active job listings at 7.9%. The four other industries with growth included:

• Manufacturing Food and Beverage and Clothing (+2.3%)
• Information (+1.1%)
• Professional, Scientific, and Technical Services (+0.6%)
• Manufacturing Metal, Equipment and Furniture (+0.5%)

Job Listings by Industry (NAICS) | October 2023

JOBS DATA BY OCCUPATION (O*NET)

85% of occupations had decreases in October job listings. The occupation with the largest decline was Life, Physical, and Social Science at 6.3%. Next in the line of decline are Educational Instruction and Library (-5.5%) and Food Preparation and Serving Related (-5.4%). The three occupations with the most growth included Construction and Extraction (8.5%), Installation, Maintenance, and Repair (1.7%), and Legal (0.3%).

LINKUP 10,000

The LinkUp 10,000 is a daily and monthly analysis that shows the number of job openings from 10,000 global employers with the most U.S. job openings in LinkUp’s dataset.

Since September 2023, the LinkUp 10,000 has declined by 2.6%, with approximately 5.09 million active job listings globally. Overall, from this time last year, the LinkUp 10,000 has declined by 11.9%.

Monthly LinkUp 10,000

S&P 500 LINKUP JOBS INDEX

The S&P 500 LinkUp Jobs Index measures open jobs posted by the companies in the S&P 500 and is published on the S&P website. It can be viewed in aggregate or by sector.

Listings have risen by 0.8% according to the S&P 500 LinkUp Job Index over the last four weeks. The sectors with the most growth were:

• Health Care (+8.7%)

• Materials (+5.6)

• Information Technology (+1.6%)

Sectors with the least growth were:

• Energy (-6.6%)
• Utilities (-4.3)
• Real Estate (-2.4%)

LinkUp S&P 500 Index

LINKUP MONTHLY FORECASTS

Stay tuned for our monthly forecast of the BLS JOLTS report which drops tomorrow, ahead of the release of JOLTS data from the Bureau of Labor Statistics (BLS). The data includes estimates of the number and rate of job openings, hires, and separations for total jobs from private employers, by industry and by establishment size class.

DATA DISCLAIMERS

LinkUp’s monthly data recaps incorporate revisions to previously-reported monthly data with the purpose of reporting the most accurate and up-to-date data points. For more information on what circumstances may impact data revisions, visit our Data Support Center.