Apr 27, 2023 - Economy

The job market is slowing down for high-wage earners

Illustration of a suited hand with its finger pushing down on a cracked briefcase

Illustration: Eniola Odetunde/Axios

Companies are posting fewer job listings, especially for white-collar roles in software, human resources, and banking and finance, per new data from Indeed.

Why it matters: It's a sign of how the job market is slowing down a bit for higher wage earners and the professional class.

By the numbers: Software development job listings saw the steepest drop, falling 55.4% in early April from the same time last year — that's what you'd expect as the tech sector keeps shedding workers.

  • Listings in human resources are down 44.5%; no need to bulk up on recruiters if you're hiring fewer people.
  • Banking and finance roles are down 41%. Insurance postings, 18.5%.

Zoom in: White-collar employers are making hiring decisions around expectations for the future — and the outlook includes some doom and gloom, said Nick Bunker, economic research director for North America at Indeed Hiring Lab.

  • In contrast, employers in leisure and hospitality, restaurants, or retail are hiring to meet the strong demand of the here and now.

The big picture: The labor market overall is chugging along; unemployment is low and overall job listings are still up compared with before the pandemic.

  • What to watch: We’ll get a more in-depth snapshot of overall job openings on Tuesday, when the government releases the Job Openings and Labor Turnover Survey (JOLTS) results for March.
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