Vast differences between industries.
Written by Wolf Richter for WOLF STREET.
Earlier today, we discussed how job openings, voluntary resignations, layoffs, layoffs, and new hires have shown that power in the labor market has shifted from workers to employers.
We now look at job openings by industry for November, based on data released today by the Bureau of Labor Statistics as part of the Job Opportunities and Labor Turnover Survey (JOLTS), which is based on a large survey of employers and not online jobs. Publications.
We'll start with construction, because that's the good news, and we'll follow up with information, which is an industry that includes some technology and social media companies, where jobs have collapsed.
And then we'll take a look at some of the key industry categories in between. All charts are three-month moving averages (3MMA), which identify the ups and downs from month to month and show trends. We also compare 3MMA employment opportunities for November with the same period in 2019.
building (8 million employees in all types of construction) are looking for you! We discussed the incredible surge in factory construction in December. Investment in buildings and infrastructure is increasing. Growth in single-family housing construction has rebounded in the second half of 2023. The job market for construction workers is also tight.
- 3MMA Job Opportunities: +28,000
- To 434,000 job opportunities, which is the highest in the data
- From 2019: +44%
“Information,” A small sector with only 3 million employees, it includes companies operating in Internet search portals, data processing, data transmission, information services, software publishing, motion picture and sound recording, broadcasting including over the Internet, and telecommunications.
The three-month moving average fell so sharply in 2023 that in November, it was 20% lower than the same period in 2019!
- 3MMA Job Opportunities: -23000
- To 127,000 opportunities.
- From 2019: -18%
Professional and business services, A huge category with 22 million employees. The category includes professional, scientific and technical services; Management of companies and institutions. Administrative services, support, waste management and treatment.
This industry category includes some technology and social media companies. Others are in the “information” sector or in other categories.
The job market in this sector has softened somewhat but remains tight, with job openings still 35% higher than in the same period in 2019:
- 3MMA Job Opportunities: -43,000
- To 1.64 million job opportunities
- From 2019: +35%.
manufacturing, 13 million employees. The labor shortage has disappeared, but the labor market is still fairly tight. Compared to 2019, job opportunities increased by 36%.
- 3MMA Job Opportunities: -19000
- To 570,000 opportunities
- From 2019: +36%
Health care and social assistance, 21 million employees:
- 3MMA Job Opportunities: -32000
- To 1.71 million job opportunities
- From 2019: +49%.
Entertainment and hospitality16 million employees:
- 3MMA Job Opportunities: -30,000
- To 1.25 million job opportunities
- From 2019: +25%.
retail trade, 15.5 million employees. Nearly half of this sector has been under relentless pressure from e-commerce for years. The other half (gas stations, auto dealers, and grocery stores) have largely escaped the e-commerce onslaught.
- 3MMA Job Opportunities: -20,000
- To 596,000 opportunities
- From 2019: -26%.
State and local governments, mostly in education20 million employees. You can still see signs of deficiency in some teachers:
- 3MMA Job Opportunities: -13000
- To 829,000 opportunities
- From 2019: +27%.
Wholesale trade6 million employees.
- 3MMA Job Opportunities: +12000
- To 233,000 opportunities
- From 2019: +15%.
Arts, entertainment and recreation2.6 million employees.
- 3MMA Job Opportunities: -1,000
- To 179,000 opportunities
- From 2019: +38%.
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