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The Bayard Brief — October 2022

Labor Market InsightsLabor Market Insights

Labor Market Delivers Slowing But Solid Returns in September

After a white-hot July and a slower-yet-steady August, the labor market delivered 263,000 jobs in September, just short of economists' predictions. Cooler gains, in tandem with a significant drop in job openings, suggest the labor market is decelerating but not stalling.

Job Seeker Traffic

September’s job traffic trends weren’t quite as strong compared to August, but given the typical and expected decline of jobseeker activity into fall, remain solid. Queries followed a downward trend from late August after holding mostly flat over the past 90 days, but searches appear to be swinging back up, albeit slightly, into October.

Click Trends

In September, clicks were up by approximately 16% compared to last year and were up nearly 55% compared to pre-pandemic levels (September 2019), per Talroo data. Based on traffic patterns from the past three years and the tendency of jobseeker activity to slow into the fall and winter months, we anticipate a decrease in clicks from September to October.

What To Expect

So, what does September’s performance mean for the state of hiring going forward?

Employment trends will be steady for the remainder of 2022, even as the labor market trends toward
cooler returns. In essence, employers seeking to attract and retain talented employees must fulfill the demands of job seekers. From competitive compensation and benefits to remote flexibility, workplace perks and general job satisfaction are paramount to recruiting and retaining employees effectively.

On a related note, the percentage of jobs that explicitly allow remote work has nearly tripled, accounting for 12% of postings in 2022, up from only 4% in 2019. And according to the latest Gallup polls, around 56% of full-time U.S. workers (more than 70 million) believe their job can be performed remotely, while over 60% of job seekers prefer and seek out
remote roles.

In addition, Gallup data on remote work showed that employee engagement skyrocketed during the onset of the pandemic, most likely as a result of greater communication, caring, and support from managers and leaders. Hiring conditions vary by location and job type, but we don’t expect the current state of hiring to be greatly impacted by macroeconomic factors for the foreseeable future. Thus, it’s essential for employers to not only prioritize the needs of job seekers but also to take advantage of active and passive channels for recruiting.

Download the full Labor Market Insights report for October here.