Five signs workers still have power in this job market

Does this mean that you should lower your salary expectations the next time you are up for a promotion or a new job? Or settle for a job with more security a recession looms,

Not necessarily. Still is a good time to vie for a new opportunity or more money.

The demand for talent is strong and many employers are facing significant staffing challenges. Economists predicting recession in the coming year Don’t expect unemployment to rise notably. According to these five figures from June, workers have the upper hand.

About 10% of job ads mention remote work

nearly half 1,700 workers voted in June The Society for Human Resource Management said they would be looking for a remote role for their next job.

For workers looking to work remotely, 9.1% of job postings on Indeed.com advertised remote work in June, compared to the latest month available. less than 3% in 2019,

The ability to work from home still varies by occupation. Less than 40% of software-developer jobs posted on Indeed.com in May allowed remote working for the shortest possible time, making it the most flexible of any track on the platform. Other roles include IT, marketing, mathematics and user-experience design, with higher level work-from-home options.

New job-posting growth has plateaued

The growth in the number of jobs advertised on platforms like Indeed.com and LinkedIn is starting to slow down. But it’s actually a plateau, not a dip, according to Nick Bunker, an economist. Job postings are up 53.8% compared to February 2020, during a strong labor market before the outbreak of the pandemic.

Workers are leaving jobs to change industries

Industry Leaves Rate by Sector

education and

health services

professional and

business services

transportation,

storage

education and

health services

professional and

business services

transportation,

storage

education and

health services

professional and

business services

transportation,

storage

Fewer employees are resigning than in November 2021, when the percentage of people leaving their jobs reached a record high. But employees continued to work with vigor: 4.3 million workers left their jobs in May.

Most workers who left their jobs in the past two years took on roles in other industries, according to a survey of more than 13,000 workers conducted between February and April by consulting firm McKinsey & Company.

For employers in industries such as finance and insurance, where more than half of job seekers have left the sector, moves that lead to labor shortages may benefit job seekers.

Job cuts are low but showing signs of increasing

Job cuts are relatively small, but concerns are growing. More than three-quarters of American workers fear losing their jobs in the face of a recession, according to a survey of more than 1,000 employees conducted in June by staffing firm Insight Global. The layoff rate was 0.9% in May, as measured by federal data.

Outplacement firm Challenger, Gray & Christmas Inc., which tracks monthly layoffs, found job cuts occurred between May and June.

The cuts have been focused in industries such as technology, automotive and consumer products – which have been hit hardest by rising interest rates, supply-chain issues and the pandemic-induced demand slowdown of goods.

The number of open jobs exceeds the unemployed

According to federal statistics, there are currently 11.3 million open jobs in the US—about two for every person unemployed and looking for work. Even with some sectors holding back from hiring, industries such as leisure and hospitality are struggling to make up for employees.

Some employers are looking well beyond their typical hiring pool to find the talent they need.

The number of involuntary part-time workers – those who want full-time work but can’t find it or have their hours cut – declined by more than 700,000 to 3.6 million in June, well below its February 2020 level of 4.4 million Is.

write to Katherine Dill at katherine.dill@wsj.com