- Demand for workers across the labor market is down, as overall postings have fallen 17.3% from July 7, 2022.
- B2B-related postings are declining, with Software Development’s large drop of 60% over the past year leading the pack.
- While B2B wages are still rising, their pace of growth has slowed in the last six months.
Indeed job postings
Through the first half of 2023, Indeed job postings have continued to reflect the cooling labor market. As of July 7th, job postings are down 17.3% from the same date last year. However, demand for workers remains quite strong. As of July 7th, the Indeed Job Postings Index rested at 127, meaning job postings remain 27% above their pre-pandemic baseline.
The tech slowdown is glaringly obvious in Indeed job-posting data, as Software Development job postings have plunged 60% from the same time last year and fallen below their pre-pandemic baseline. Demand for certain corporate roles is slowing as well — Banking & Finance and Insurance postings have tumbled over the past year by 44.6% and 22.8%, respectively.
All other B2B categories are showing lessening demand for workers as well. Production & Manufacturing postings are declining nearly in step with the overall labor market, down 18.8%. Current economic conditions may be taking their toll on the interest-rate-sensitive Construction sector, where postings are 8% below last year’s level. After remaining flat for much of 2023, Education & Instruction postings recently lost steam, down 14.4% from last year.
Indeed wage growth data, focused on employer-provided wages and salaries listed in the job posting, shows a mixed bag for pay growth in the B2B segment. Management and Education & Instruction wage growth remains elevated, above the labor market average of 5.3%. Meanwhile, Software Development wage growth has stalled, coming in at 1.7% in May 2023 — not all too surprising given how demand for these workers has plummeted in the past year.
The option for flexibility in where work is performed remains relevant across the labor market, especially in certain categories related to the B2B vertical. Some corporate roles that may require a bit less in-person collaboration, including Banking & Finance, Software Development, and Insurance, have seen increases in their share of job postings that mention remote work. It’s worth noting that this isn’t the case in corporate roles — Human Resources, Marketing, and Media & Communications have notched the largest declines in remote work across the entire labor market.
For more labor market insights from the Indeed Hiring Lab, follow along on our blog at hiringlab.org.