The US Active Jobs Index is showing a downward trend with a 28% decline month-on-month (MoM) in July 2023. The US Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover Survey (JOLTS) also showed a downward trend in June 2023, observes GlobalData, a leading data and analytics company.

Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “2023 has so far seen a fluctuating month-on-month trend in hiring. Although most of the industries showcased a slowdown in hiring activity in July 2023, there were also some bright spots.”

An analysis of GlobalData’s Job Analytics Database reveals that industries such as retail, technology, travel & tourism, and pharma posted lesser number of jobs in July 2023 compared to the previous month, whereas postings increased in transport and logistics.

GlobalData’s active jobs index had a variance of 30% at the end of July 2023 as compared to the start of 2023, indicating an uncertain macro environment. The variance in active jobs in 2020 was 22% due to COVID-19. However, it declined in 2021 (12%) and 2022 (9%) as companies continued to post jobs.

According to GlobalData’s Company Filings Analytics Database, companies such as Roku Inc discussed as a way of controlling its R&D costs, have been hiring frequently in regions outside of the US to have excellent engineering talent but also be less expensive than engineers in Silicon Valley. First Solar Inc committed $2.8 billion in capital spending for manufacturing and R&D, which is expected to lead to the creation of 1,700 new direct jobs and many indirect jobs.