Market Intelligence Overview November 2022

by | Nov 8, 2022 | News

Summary

  • Hiring demand remains at historically high levels, although early signs of slowing are emerging
  • Unprecedented wage inflation has affected all markets and nearly all job families
  • Healthcare is driving hiring demand the most in absolute terms
  • Education is also driving increased hiring demand in many markets on a relative basis
  • Market behaviors – hiring demand, pay, and skills demand vary greatly across markets and job families
  • Local conditions will impact hiring and retention challenges more significantly than national conditions for most jobs

Hiring demand has been rising steadily since 2021, and wages have increased by 31%.

Over 50% of US metros saw the number of listings increase by over 44% between Jan 2021 and Oct 2022.

It is apparent that tech, healthcare, and education are leading in the number of available jobs based on listings in the majority of metro markets.

Increases in advertised pay levels vary significantly across US markets, with the median increase at 24.9%. It is clear that healthcare is still remaining the strongest job family with a 71% increase in pay levels between January 2021 to October 2022.

All signs and data are pointing to a slowing market per data trends from Q2 2022 and Q3 2022.

The strongest metro market is Philadelphia-Camden-Wilmington, and the weakest is the Portland-Vancouver-Beaverton market.

Currently, education is the number one job family with the most available positions with a 4.4% increase, whereas asset and investment management is the weakest with a -26.4% decrease in available positions.

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Source: Greenwich.HR job listing data for top 500 hiring companies from Jan 1 2021 to October 30 2022.