ZipRecruiter: Labor market is slowing; far fewer jobs posted in June

By Devika Patel

Knoxville, Tenn., Aug. 16 – ZipRecruiter, Inc. management reported that the labor market is waning, with job openings abundant early last quarter but fewer postings offered later in the quarter, declining sharply in June.

“With a strong April and May and a much weaker June, it is increasingly apparent that the record-setting labor market is moderating,” chief financial officer Tim Yarbrough said on the company’s second-quarter ended June 30 earnings conference call on Monday.

“We expect the macroeconomic environment of increasing inflation, rising labor costs and interest rates to have a more pronounced impact on hiring environments in the second half of 2022,” Yarbrough said.

There were many new jobs added to the market early last quarter, but employers offered fewer jobs as the quarter progressed, with job openings falling over 5% in June.

“The U.S. labor market added over 350,000 jobs each month in Q2, continuing its record-setting pace,” chief executive officer Ian Siegel said on the call.

“These jobs were broad based across multiple industries.

“The labor market also remained tight with approximately one unemployed person for every two job openings in Q2 2022.

“However, in spite of the strength of the quarter as a whole and the shortage of talent for currently open job postings, we began to see employers pulling back on job postings during the final weeks of June.

“We see our marketplace as a leading indicator for job activity and as has now been widely reported, U.S. job openings fell by over 5% to 10.7 million in June of 2022,” Siegel said.

ZipRecruiter is a Santa Monica, Calif.-based online employment services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.