- Demand for workers across the labor market is down, as overall postings have fallen 17.3% from July 7, 2022.
- Physicians & Surgeons and Therapy are among a handful of categories across the labor market that are still exhibiting postings growth.
- Wage growth has continued to cool off in most healthcare categories.
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.
Healthcare job postings
While most segments of the labor market are slowing down, some healthcare categories have proved to be the exception. In particular, Physician & Surgeon postings have been mostly level in 2023, but remain 6.2% above the same time last year. Pharmacy and Nursing job postings have not fared as well, down 9.5% and 6.7%, respectively, from July 7th, 2022. This divergence in some healthcare categories from the overall labor market is not too surprising as demand for healthcare workers typically holds up well during economic uncertainty.
Therapy job postings have continued as another bright spot in the healthcare labor market, up 8% from the same time last year. Personal Care & Home Health demand has shown a modest decline, with postings down 2.3% over the last year. Meanwhile, Medical Technician postings have weakened, decreasing by 9.7%.
Indeed wage-growth data, focused on employer-provided wages and salaries listed in the job posting, shows that pay growth is holding up in categories where demand for workers is on the rise. In Therapy and Physician & Surgeons, the two healthcare categories with increasing postings, wage growth has held more-or-less steady in the last six months. Conversely, wage growth has slowed further in categories where postings have dropped, such as Nursing, and Personal Care & Home Health.
For more labor market insights from the Indeed Hiring Lab, follow along on our blog at hiringlab.org.