U.S. tech and financial hubs see large declines in job postings
Contrary to what you might expect, it's actually America's tech and finance hubs — where the most jobs can be done remotely — that are seeing the biggest declines in job postings amid the coronavirus pandemic.
What they're saying: "Job postings in these in-person service sectors — retail, food preparation, sales, and beauty & wellness — have fallen more in metros where people are more likely to work from home, like San Francisco, Washington, Boston, and Seattle," Jed Kolko, Indeed's chief economist, writes.
The top 10 drops, according to an Indeed analysis of job postings this June compared with last June:
- Honolulu, HI: -45.7%
- Seattle-Tacoma-Bellevue, WA: -41.7%
- San Francisco-Oakland-Hayward, CA: -41.6%
- New York-Newark-Jersey City, NY-NJ-PA: -40.8%
- Chicago-Naperville-Elgin, IL-IN-WI: -40.7%
- Miami-Fort Lauderdale-West Palm Beach, FL: -40.6%
- Boston-Cambridge-Newton, MA-NH: -40.4%
- Oxnard-Thousand Oaks-Ventura, CA: -40.3%
- Denver-Aurora-Lakewood, CO: -40.0%
- San Jose-Sunnyvale-Santa Clara, CA: -39.9%
Between the lines: Honolulu as the leader makes sense due to the fall of the tourism industry, but the appearance of all the major tech metros in the top 10 is surprising.
- Those declines can be explained by the fact that postings for service industry jobs have fallen in the cities where a larger share of the population is working remotely, and therefore able to stay home.
Go deeper: How the pandemic will reshape the job market