Sustained improvement at the macro level through June and July, with new job listing activity mostly within 20% of pre-pandemic levels.
• The pandemic’s initial impact to hiring – sharp, across-the-board cuts in late March – has given way to a slow, sustained increase in the number of new job listings each day.
• State-level partial reopenings boosted job demand in June and July, starting with Retail and Hospitality sectors, followed by increases in Healthcare and Services.
• After the initial dip in late March and April, companies appeared to be ‘playing it safe’ with hiring. Since mid-June, job postings have been rising, signaling that businesses are mostly reversing their operational pause, presumably having developed new protocols to prevent COVID spread.
• Meanwhile, weekly initial unemployment claims, as tracked by the US DOL, declined from record levels, but are still much higher than pre-pandemic levels and have leveled off at ~1.4M new claims per week.
• From the BLS, we have seen downward trend in the unemployment rate (a good thing) and we can connect many of the changes back to industries that have been posting more jobs in the weeks prior.
Sources: Greenwich.HR / One Model