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US Business-to-Business Labor Market Update 2022 Q2


The Indeed Hiring Lab tracks employment trends in the Business-to-Business (B2B) vertical, analyzing the latest Indeed and Bureau of Labor Statistics data. We look at overall labor market trends, and then dive deeper into job postings trends in various B2B occupational categories, including Construction and Software Development jobs. Finally, on the job seeker side, we examine trends in labor force participation. 

Indeed job postings 

Overall employer demand for workers remains strong. As of April 8th Indeed job postings are 56.5% above their pre-pandemic baseline, but overall growth in labor demand has slowed in recent months. 

Line graph titled “US job postings 56.5% above pre-pandemic baseline.” With a vertical axis ranging from -50% to 50%, Indeed tracked the percent change in seasonally adjusted job postings between February 1, 2020 and April 8, 2022. As of April 8th Indeed job postings are 56.5% above their pre-pandemic baseline, but overall growth in labor demand has slowed in recent months. 

B2B job postings 

Job postings in the Business-to-Business vertical are slowing as well. Production & Manufacturing (104.2% above pre-pandemic baseline) and Construction job postings (+64.1%) leveled off so far this year, albeit above the trend for all job postings. Education & instruction job postings (+58%) flattened recently as well, although finally matching the pace of the overall labor market. 

Line graph titled “Education postings finally catch overall labor market trend.” With a vertical axis ranging from -100% to 100%, Indeed tracked with four lines, the percent change in seasonally adjusted job postings between February 1, 2020 and April 8, 2022.

The overall slowdown in job postings extends to one of the fastest-growing job categories, Software Development (+122%). Postings for developers, as well as Insurance (+71.5%) and Banking & Finance (+93.3%) have leveled-off. However, demand remains strong as they continue to pace the overall labor market trend. 

Line graph titled “Fast-growing developer postings level off.” With a vertical axis ranging from -100% to 100%, Indeed tracked with four lines, the percent change in seasonally adjusted job postings between February 1, 2020 and April 8, 2022.

Labor force participation 

In good news for recruiters, the labor supply concerns of 2021 continue to fade. The overall labor force participation rate didn’t move much last month, but the rate for prime-age workers ages 25 to 54 years old increased for a third consecutive month. This is a key labor market statistic and its nearing pre-pandemic levels points to bright prospects for overall labor supply. 

Line graph titled “Prime-age labor force participation is picking up.” With a vertical axis ranging from 80% to 83%, Indeed tracked the share of workers aged 25-54 in the labor force between January 2000 and March 2022. The rate for prime-age workers ages 25 to 54 years old increased for a third consecutive month.

For more labor market insights from the Indeed Hiring Lab, follow along on our blog at hiringlab.org.