Consistently high job demand has pulled more people into the workforce and kept current workers attached. A rebound in immigration from depressed pandemic-era flows and a steady stream of technological innovation have also boosted the number of available jobs. But now, as employers rethink their hiring plans and the effects of rising interest rates and economic uncertainty begin to take hold, job postings and openings are falling. The decline is especially pronounced in sectors connected to high-flying tech companies, as well as those that require in-person services, such as restaurants and hotels.
Similarly, the share of jobs requiring at least a bachelor’s degree has fallen to 17.6%, down from roughly 20% before the pandemic. This could signal that some job opportunities previously walled off to those without degrees are now becoming available. The declining numbers of clerical and secretarial positions may indicate that businesses are increasingly relying on software and automation to perform low-value tasks and concentrate their efforts on more complex, high-value work.
Meanwhile, the labor movement is gaining momentum, with a growing number of Americans in favor of unions. More than 67% of those surveyed approve of unions, the highest proportion in over half a century. The trend manifests itself in industries such as retail and tech, where “union-proof” companies such as Amazon and Microsoft are now seeing significant organizing activity. Meanwhile, worker-centric trends such as remote and flexible working, skill specialization and workforce diversity are reshaping the workplace.