Author Topic: Crash in Online Hiring May Signal a Cooling Jobs Market  (Read 300 times)

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Offline Ptarmigan

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Crash in Online Hiring May Signal a Cooling Jobs Market
« on: February 23, 2023, 08:36:28 PM »
Crash in Online Hiring May Signal a Cooling Jobs Market

Could the U.S. labor market finally be cooling off?

All of the official statistics tracking labor market—from jobless claims, to payrolls, to openings—indicate that demand for labor remains sky-high and supply is still constrained.  This has led investors to rethink the idea that the Federal Reserve is poised to implement just two more quarter-point hikes before pausing, with market indicators suggesting the Fed now has at least three-quarters of a point to go before pausing.

Yet there are some emerging signs that the labor market may be cooling off. ZipRecruiter, the online hiring platform, announced its fourth quarter results on Wednesday.  Although revenue beat expectations, it was down four percent compared with the fourth quarter of the prior year. Management pinned the blame on a hard comparison to the hiring boom of the fourth quarter of last year and “a continued softening in the hiring market.”

Perhaps even more important, ZipRecruiter’s management said it expects sales in the first quarter to be down between 23 percent and 20 percent from last year’s level and for full year sales to decline between 13 percent and 15 percent.

The labor market if there is really any is slowing down.
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