Summertime slump brings the heat early
In May we saw an increase in total unique job listings across 64% of markets, down from an increase across 73% of markets in April.
In May we saw an increase in total unique job listings across 64% of markets, down from an increase across 73% of markets in April. Overall total job openings rose just 1% for the month, with new jobs openings up just 2%, as the Department of Labor reporting a disappointing addition of just 75,000 jobs in May.
65% of sectors saw an increase in total job listings in May. That’s up from April when we saw an increase across 50% of the sectors. The sector with the most growth was Administration and Support and Waste Management and Remediation Services (+8.9%), while Transportation saw the biggest decline (-9.8%).
S&P 500® LinkUp Jobs Index performance
The S&P 500 LinkUp Jobs Index, which measures labor demand for the S&P 500, rose to an index level of 114.69, up 1.91% since last month. The highest performing sector index was Consumer Staples, while Utilities was the lowest.
Cannabis jobs, high on success
Jobs in the cannabis industry have seen significant growth in the past year, and cannabis is now considered the fastest growing industry in the country. A year ago, the top 10 cannabis employers with the most job listings had an average of 63 jobs openings each. Jobs openings for those companies now average 122 each. That’s growth of 50% in one year!
Transportation sector down as U.S. factory orders drop
Jobs in transportation and warehousing saw the biggest decline among all sectors in May, down 9.8%. This is likely due to a fall in US factory orders, inventory bloat, and other factors.
While there are efforts to boost this important sector, worries remain about the future of transportation jobs as self-driving technology could eliminate an estimated 300,000 jobs a year.
Queue the summer slump
Hiring is very seasonal in nature, something easy to see in our jobs data. Spring is hot for hiring, but as we approach summer, a reliable slump in hiring occurs.
In March all 50 states saw an increase in total job listings, but fast forward through April and May and we start to see a decrease in total job listings. We will likely continue to see decreased job listings until summer vacations are over and the fall hiring push commences.
Thermostat wars in an office near you
The annual thermostat wars have begun. Summer is women’s winter, and it is here. A new study found that women are more productive in warmer offices, while the reverse is true for most men. So step out of the summer heat, and into our office at LinkUp, where more than 60% of LinkUp’s female employees are using a blanket or space heater.
(Image Pacific Coast News)
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