Jobs website Glassdoor said the weekly rate of decline for job openings has slowed, while Adzuna, a search engine for job ads, reports the decline in job ads caused by the Covid-19 pandemic appears to have bottomed out in late April.
US job openings on Glassdoor were down 28.5% as of May 11 since the start of March, according to economic research released today by Glassdoor. However, the weekly rate of decline slowed to 1.3% on May 11 from 7.8% on March 23.
Glassdoor did note demand is returning for in-person service industries such as retail and food services.
“The deceleration signals that the labor market is not yet over the hump, but may soon begin to rebound,” according to the report.
Advertised jobs in the US have dropped 50% over the last three months, but the decline appears to have bottomed out in late April, according to Adzuna. Over the last three weeks, the company said it has seen a 5% increase in the number of new job advertisements being created.
“The return to hiring has been led by the ‘technology, logistics and warehouse’ and caregiving sectors,” according to Adzuna. “All of these sectors remain more than 30% down on January 2020 but have seen, on average, a 5% increase in new job ads posted in the last three weeks.”
Other industries aren’t faring as well. Opportunities in sales, HR, construction and energy are still struggling with job ads down 70% from previous highs.