Takeaways: 

  • The overall labor market continues to moderate, with total Indeed job postings down 12.4% from July 5, 2023. 
  • Year-on-year job posting declines in all Retail categories are larger than that of the overall labor market. 
  • Annual wage growth for both Retail and Food Preparation & Service roles has mostly leveled out over the past three months. 

Indeed job postings 

The broad moderation in the labor market persisted through the second quarter. As of July 5, 2024, the Indeed Job Postings Index (JPI) was down 12.4% from the same time last year, and the labor market is nearing its pre-pandemic level after more than two years of near-continuous declines. The JPI stood at 111.7 on July 5, meaning that the total level of job postings nationwide is 11.7% above their pre-pandemic (Feb. 1, 2020) baseline.  

Line graph titled “US job postings down 12.4% year-over-year” showing the change in Indeed job postings since their pre-pandemic baseline, through July 5th, 2024. US job postings have fallen 12.4% over the past year.
Line graph titled “US job postings down 12.4% year-over-year” shows the change in Indeed job postings since their pre-pandemic baseline, through July 5th, 2024. US job postings have fallen 12.4% over the past year.

Retail job postings 

Year-on-year job posting declines in all Retail categories have been steeper than declines in the overall labor market over the same period. While postings for Retail and Food Preparation & Service jobs remain above pre-pandemic levels, demand for Hospitality & Tourism workers has been persistently low. Postings for hospitality workers dropped 21.2% from July 5, 2023, and are 21% below their pre-pandemic baseline. 

Table titled “Hospitality & Tourism leads posting declines in retail vertical” showing job posting trends over the past year through July 5, 2024, and from the pre-pandemic baseline, for several Retail occupations. Food Preparation & Service job postings decreased 15.5% over the past year but remained up 9.5% from their pre-pandemic baseline.
Table titled “Hospitality & Tourism leads posting declines in retail vertical” shows job posting trends over the past year through July 5, 2024, and from the pre-pandemic baseline, for several Retail occupations. Food Preparation & Service job postings decreased 15.5% over the past year but remained up 9.5% from their pre-pandemic baseline.

Retail wage growth

The Indeed Wage Tracker shows pay gains across the broader labor market leveling off, with pay trends in the Retail category following along closely. Over the past few months, year-over-year wage growth in Retail and Food Preparation & Service has remained relatively consistent, notching gains around 2.2% and 2.4%, respectively. Annual wage growth in both categories is slower than the labor market average of 3.1%, perhaps because of weaker demand for workers. 

Line graph titled “Retail and Food Preparation & Service wage growth stabilize.” This chart has a vertical axis ranging from 0 to 15%, with dates on the horizontal axis. Different colored lines represent wage growth for Food Preparation & Service and Retail. 
Line graph titled “Retail and Food Preparation & Service wage growth stabilize.” This chart has a vertical axis ranging from 0 to 15%, with dates on the horizontal axis. Different colored lines represent wage growth for Food Preparation & Service and Retail.

For more labor market insights from the Indeed Hiring Lab, visit us at hiringlab.org.