JOB POSTINGS
The number of new unique job postings dropped considerably during the first few months of the pandemic, reflecting employer uncertainty. New job posting activity has closely mimicked or exceeded pre-COVID 19 conditions since September, representing a significant increase in overall employer hiring demand, though various sectors are experiencing recovery quite differently.
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WHAT THE DATA IS TELLING US In February 2022 there were 62,735 new job postings, a 30% increase from levels one year prior, showing continued job growth and need for workers. February job postings were 8% lower than levels in January, 2% lower than 2020 and 25% higher than 2019 (pre-COVID) levels. Job growth continues at a strong pace as the omicron variant continues to decline. The initial response to COVID-19 resulted in a considerable decline in overall volume of new postings in April 2020 from an all-time high of about 64,000 new jobs posted in February. We know that more than 100,000 jobs were lost as a result of the COVID-19 pandemic, primarily those in industries like food service, hospitality, and retail, but demand for other jobs in emerging fields has increased enormously. On the other hand, RealTime Talent’s COVID-19 Impact Report highlighting job postings trends in Minnesota and the 7-county MSP metro found that demand for occupations in the Engineering, Manufacturing, and Technology cluster and Health Science clusters increased significantly. It also found that overall postings were down a mere six percent from 2019 to 2020 in MSP, indicating that total demand did not change significantly. Still, the shift in demand among various industries and types of jobs has strong implications for the future of work, and shows that the pandemic will have far-reaching and long-lasting impacts on our region’s economy and workforce. |
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This metric tracks total monthly unique, deduplicated job postings newly advertised in the 7-county Minneapolis Saint Paul metro. Data is updated monthly and provided by RealTime Talent. These postings include jobs advertised for the first time by staffing agencies and direct employers on any public-facing job board or corporate website scraped by Gartner TalentNeuron Recruit.
WHY THIS MATTERS TO ECONOMIC RECOVERY:
Job postings are an important leading indicator of the rate at which we may expect to see employment levels rise as the economy recovers, and can tell us a lot about employer demand for certain skills, certifications, qualifications, and occupational competencies. Over the past four years, volumes of new job postings have typically increased year-over-year by between 5-15% in any given month in the 7-county MSP metro. An analysis of 2020 job posting activity by RealTime Talent found that posting volume decreased 6% from 2019 to 2020.
The COVID-19 pandemic caused many businesses to shed jobs and freeze new hiring activity in light of changed consumer behavior and declines in sales. Year-over-year percent change in volume of new jobs advertised began to drop in the second half of March 2020, and was clearly evident throughout the month of April 2020 when monthly total postings fell to roughly 35,000, a 39% decline from the same month in 2019 and 36% lower than volumes of new postings in the prior month of March 2020. As we look toward economic recovery, job posting data indicate the level of employer demand for talent, how hiring requirements are shifting over time, and where the jobs of the future may be concentrated.
RACIAL EQUITY AND INCLUSIVE RECOVERY:
Employers across the 7-county metro have experienced the pandemic’s impact differently based on their industry, the level of contact-intensity of the positions they hire for, the ability to perform the work remotely, and the local regulations in their community. Minneapolis, Saint Paul, and first-ring suburbs have seen some of the most significant and sustained declines in overall volumes of new job postings since the pandemic began. Several second-ring suburbs and communities further outside the urban core have actually seen growing volumes of new job postings, as demand for transportation, logistics, warehousing, and shipping talent has boomed in response to disrupted supply chains and consumer behavior. In addition, communities with high concentrations of business, finance, and insurance talent have seen noticeable increases in volumes of job postings for specific occupations within those industries, with new posting volumes more than doubling in some communities.
Comparing the requirements of jobs being posted to the available talent pool, it is evident that there is a skill and education mismatch between currently-available positions and the skills of the newly-unemployed. An increasing rate of new postings are for remote positions as industries and businesses adjust to public health concerns and regulations, and occupations that are more likely to allow remote work require higher levels of education and experience, in addition to greater cognitive, social, character and computer skills. Many of the newly unemployed are coming from high contact-intensity jobs which require very different skillsets. Additionally, disparities in education, employment, and health outcomes by race and ethnicity in particular pose a serious threat to equitable recovery for all. Higher-wage, less-vulnerable positions tend to require higher levels of education and have mostly been historically less diverse than positions that have proven to be more vulnerable during this pandemic.
TELLING THE FULL STORY:
It is important to remember that job postings do not necessarily indicate a 1-to-1 relationship to hires, or even to job openings. A single job posting may result in multiple hires, or none at all, and, along with employer demand, labor force availability is a significant factor contributing to employment growth. However, new postings do signal the re-opening of certain industries that have been significantly impacted by the pandemic, and we can use this data to better understand if those who find themselves now unemployed are likely to be able to find a position that matches their experience and skillset.
HOW TO LEARN MORE:
RealTime Talent is an employer-led public-private collaborative focused on aligning Minnesota’s workforce. They partner with K-12 education, post-secondary education, industry associations, training organizations, and the public sector to ensure students and job-seekers have the skills and experience needed to grow in high-demand opportunities. This is done by elevating employers’ collective workforce needs that are impacting economic stability and growth for their industries. RealTime Talent regularly publishes reports and blog content that use online job posting data to shed light on current labor market needs. If you would like to learn more about the employers that are recruiting now, the emerging skills and certifications in demand, and where these jobs are located, check out RealTime Talent’s Research or Insights blog. The research team at RealTime Talent is also available to you to explore your specific questions. If you have a specific need for job posting data insights in your community, contact Research Strategist, Erin Olson, at erin@realtimetalentmn.org.
Additionally: Strada Education Network conducts a nation-wide survey and weekly webinars on the state of work and education in the U.S.
Want to share insights from the Regional Recovery Hub in your own presentations and materials? Download the Recovery Toolkit.