US active jobs (available for application) in July 2022 declined by 3% month-on-month (M-o-M), with job closures outpacing new postings, according to GlobalData’s Job Analytics Database. The leading data and analytics company found that there were around 2.9 million active jobs among the 16,000 companies it tracks, while new postings were around 1.2 million.

Multiple sectors are seeing the same trend in layoffs, with job postings in the foodservice, automotive, healthcare, and technology sectors declining by 20%, 11%, 10%, and 5%, respectively. Layoffs have been the most prevalent in the technology sector, with job cuts and a decline in job postings at Microsoft, Apple, and Tencent; with the retail and financial services sectors also affected. Companies in the retail sector such as Walmart showed resilience, with job postings growing by 8% in July 2022.

Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “The US is experiencing a tight labor market due to rising economic pressures with over two dozen companies announcing layoffs in August 2022 including Ford, which has announced 3,000 salaried and contract job cuts. The decline in jobs is likely to persist due to a general hiring freeze, with the US Job Openings and Labor Turnover Survey (JOLTS) predicting the same trajectory as GlobalData.”