Here’s why it may be harder to find a job online

Jan 20, 2024, 7:10 PM | Updated: 7:14 pm

Software development and finance jobs have seen the greatest declines in online job postings since ...

Software development and finance jobs have seen the greatest declines in online job postings since the start of last year, according to Indeed. (Pekic/E+/Getty Images)

(Pekic/E+/Getty Images)

(CNN) —  The US economic picture of the last few years has been defined by an ultra-strong labor market.

But new online job posting data suggests a possible slowdown: Total job postings on online job site Indeed have fallen more than 15% compared to the start of 2023, according to data as of Jan. 5 shared with CNN by Nick Bunker, Indeed’s economic research director for North America.

Bunker said that new job postings, or those that have been on Indeed for 7 days or less, are down 13.5% year-over-year.

LinkedIn, which pools hiring data from its over 206 million US users, has similarly seen a drop-off in hiring between late 2022 and late 2023.

A surplus of open roles for the past few years has made it easy for Americans to jump from job to job, gaining higher pay and perks like remote work in the process. As a new year begins, though, a new era for job hunting may be beginning – and workers’ leverage to demand remote work may be slipping away.

Which industries are hiring?

Traditional white-collar office jobs have decreased their online recruiting efforts the most, according to Indeed. “Software development job postings are down 44.6% from a year ago, while postings for banking and finance jobs are down 31.3%,” Bunker said.

But Indeed isn’t the only online jobs marketplace with data pointing to a labor market slowdown this year.

In a report released Wednesday, LinkedIn’s chief economist, Karin Kimbrough, shared that according to the site’s data, hiring on LinkedIn in December was down nearly 10% year-over-year.

Kimbrough said she expects competition for jobs to “intensify” going into 2024 as the pace of hiring levels off.

“Whether we look at official US, Canadian, Australian, UK, or EU data, the story is the same ­– job vacancies and openings have come down across the board and show no signs of increasing,” she said.

Fewer jobs offer remote work

As competition increases amid fewer job listings, employers have been less willing to offer a perk that has become a defining characteristic of the post-pandemic working world: remote work.

Much of the relative strength in hiring in 2023 came from in-person jobs, like food preparation and service and retail, according to Indeed’s data.

At its peak in April 2022, remote job postings made up 20% of all jobs posted on LinkedIn, according to a report from the company on the state of remote work. Since then, the share of job listings allowing employees to work from home has fallen precipitously.

The percentage of US remote job postings on LinkedIn dropped over 9% from January 2022 to December 2023, even as interest in these jobs remains high. Forty-six percent of all applications sent via LinkedIn were for remote jobs in December, according to the company.

According to the report, online listings advertising remote roles received five times the share of applications compared to jobs without a remote work option.

Softening employment data

The private sector data echoes federal government figures. US job openings fell in November to their lowest level since March 2021, according to the latest Job Openings and Labor Turnover Survey – and while the national unemployment rate has been at or below 4% for two straight years, the labor market may be facing a turning point.

In a January note to clients, Wells Fargo economists highlighted signs that there may be a softening employment picture under the surface, including narrowing wage gains and unemployment creeping higher.

“Underneath still-solid headline numbers, we see some cracks that keep us cautious about the degree to which strength can carry forward through 2024.” Wells Fargo’s economists wrote. “We expect the jobs market to soften further this year.”

According to the latest data, the labor market remains historically strong: last month, the US economy added 216,000 jobs, and the unemployment rate held steady at 3.7%.

However, some high-profile companies have announced layoffs at the start of the new year. This month, tech giants Google and Amazon each said that they planned to cut hundreds of workers. Last week, Citigroup also announced it would lay off 20,000 employees over the next two years.

KSL 5 TV Live

National News

File - Workers install lighting on an "X" sign atop the company headquarters, formerly known as Twi...

Associated Press

What happened to the likes? X is now hiding which posts you like from other users

Social media platform X is now hiding your likes.

6 hours ago

Police say they arrested a man Friday in the investigation of a violent murder in West Valley City....

Teresa Crawford, Associated Press

3 deputies shot while responding to northern Illinois home, suspect also wounded, official says

Authorities say three sheriff’s deputies have been shot while responding to a northern Illinois home.

6 hours ago

A rare white buffalo calf, reportedly born in Yellowstone National Park's Lamar Valley, is shown on...

Amy Beth Hanson, The Associated Press

Reported birth of rare white buffalo calf in Yellowstone National Park fulfills Lakota prophecy

The reported birth of a rare white buffalo in Yellowstone National Park fulfills a Lakota prophecy that portends better times, according to members of the American Indian tribe who cautioned that it’s also a signal that more must be done to protect the earth and its animals.

7 hours ago

A star athlete, Hilton Crawford appeared many times in the South Park High School yearbook....

Ben Kuebrich, KSL Podcasts

‘Ransom: Position of Trust’: Suspected kidnapper had red flags in police record

What drove a “family friend” to kidnap a 12-year-old boy? Hilton Crawford was a police officer, a trusted coach and pillar of the community.

9 hours ago

FILE - Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Res...

Christopher Rugaber, AP Economics Writer

Federal Reserve is likely to scale back plans for rate cuts because of still-elevated inflation

Federal Reserve officials on Wednesday will likely make official what’s been clear for many weeks: With inflation sticking at a level above their 2% target, they’re downgrading their outlook for interest rate cuts.

12 hours ago

FILE - Los Angeles Lakers coach Jerry West sits on the Lakers' bench in Los Angeles, Jan. 28, 1977....

TIM REYNOLDS AP Basketball Writer

Jerry West, a 3-time Hall of Fame selection and the inspiration for the NBA logo, dies at 86

Jerry West, who was selected to the Basketball Hall of Fame three times in a storied career as a player and executive, and whose silhouette is considered to be the basis of the NBA logo, died Wednesday morning, the Los Angeles Clippers announced.

13 hours ago

Sponsored Articles

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light up your home with these top lighting trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for hassle-free computer repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Here’s why it may be harder to find a job online