According to the Bureau of Labor Statistics, USA job openings reached 11 million by the end of 2022. And more than 517,000 jobs were added in the USA no. of job openings in 2023 first month. It was compared to a monthly gain of 401,000 jobs per month in 2022.
What will I learn?
The number of job openings will continue to increase throughout 2023 and beyond. Businesses seek talented individuals to join their teams.
USA No. Of Job Openings In 2023
There will be many available positions for people to consider, including jobs in:
– Technology, and
– Retail industries.
The unemployment rate has changed over the years. But it has been relatively low recently. Since January 2023, the unemployment rate has dropped by 3.4% since last year.
The job openings, despite economic fluctuation, are expected to remain steady. The demand for qualified workers will grow over the next few years.
Some sectors, such as healthcare and food, will have especially high levels of job growth.
The number of people employed part-time for economic reasons changed little in all major industry sectors. It remained similar to 4.1 million in 2022.
They mainly opted for part-time employment due to reduced working hours or difficulty in finding full-time jobs.
New Jobs Stats As Per Profession:
Which profession had the most openings? Leisure and hospitality had the most openings in January 2023.
Leisure, Food & Hospitality:
The number of job openings for leisure and hospitality increased by 128,000 in January. This is compared to an average of 89,000 jobs per month in 2022.
Over the month, food services and drinking places added 99,000 jobs gaining 15,000 more jobs.
The leisure and hospitality industry added over 114,000 jobs between January 2022 and 2023. It had the largest gains in food services.
Professional And Business Services:
In January, professional and business services added 82,000 jobs among scientific and technical services (+41,000).
Employment in professional and business services has grown by an average of 63,000 per month since 2022.
Health care felt the most significant job growth in 2023. It will likely continue on this path through the end of 2023.
Businesses such as ambulatory health care services, nursing, and residential care facilities, and hospitals are expected to enjoy this trend.
Health care added 58,000 jobs in 2023 compared to 47,000 jobs added monthly in 2022.
This growth was primarily attributed to the increased demand for healthcare services and products, partly driven by an aging population.
Moreover, ambulatory healthcare services added 30,000 jobs in 2023. Nursing and residential care facilities added 17,000 jobs as well.
Hospitals also saw an increase of 11,000 job openings during this time.
Retail has been one of the fastest-growing industries in the United States. That trend is expected to continue into 2023.
It surged high due to the addition of 30,000 new jobs in January compared to 7000 monthly added jobs in 2022.
The growth of this sector is expected to be higher by the end of 2023. It is contributing significantly to the total number of job openings available nationwide.
This growth in retail will help enhance consumer spending and economic activity overall. It means an even brighter outlook for 2023.
The general merchandise sector has grown by 16000 jobs. The furniture, home furnishings, electronics, and appliance retailers sector has grown by 7000 in the first month of 2023.
There has been a decline in health and personal care retail by 6000 in January 2023. This owns to the growing need for online retailing. More and more consumers rely on convenience over physical stores.
Construction & Transportation:
Construction has been a major focus in the US job market as it adds jobs to the economy at a steady rate. As of January 2023, 25,000 jobs were added to this sector, focusing on specialty contractors.
This indicates that the industry’s demand for skilled labor remains strong. The job market shows resilience.
The transportation and warehousing sector increased by 23,000 jobs in January 2023 similar to its monthly growth in 2022.
This highlights the continuing need for transportation and logistics services. This need remains even after a year of economic uncertainty caused by the pandemic.
In support activities for transportation, the no. of job openings has also increased by 7,000 jobs in January 2023.
These increases indicate a strong demand for services from these industries. It suggests that the job market is on track to continue its growth trajectory in many sectors.
Investment in infrastructure projects and other areas will add further impetus to job growth in the coming months.
The job market in this sector is expected to continue expanding in the coming months. It has increased support from the government and private businesses.
Employment in social assistance grew by 21,000 jobs in January. It is slightly higher than the average monthly growth of 19,000 jobs.
Manufacturing is expected to remain a key driver of job growth in the US, but it saw a decrease in new jobs in 2023.
It added 19,000 jobs in January, while the monthly addition of jobs was 33,000 in 2022.
Quick Employment Statistics:
Let’s find out how the US job market fared in 2023 compared to the last few years.
Average Hourly Earnings:
Average hourly earnings for all employees increased by 10 cents or 0.3% in 2023, rounding up to $33.03. (However, in 2022, average hourly earnings increased by 4.4%).
The average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents, or 0.2%, to $28.26 in 2023.
Average workweek and hourly earnings can be used as key indicators of the job market strength in the US.
The average workweek for all US employees on private nonfarm payrolls increased by 0.3 to 34.7 hours in 2023. It shows that job market strength is continuing to grow.
The manufacturing employment workweek in the US increased by 0.4 hours to 40.5 hours in 2023. It indicates that job opportunities are expanding in the manufacturing sector.
Overtime increased significantly in 2023, from 0.1 hours in 2022 to 3.1 hours. It indicates that employers are offering additional work and expanding job opportunities.
The average workweek for production and nonsupervisory employees on private nonfarm payrolls in the US also rose by 0.2 to 34.1 hours. It shows that job opportunities are on the rise.
Total Payroll Employment In 2022 End:
Total nonfarm payroll employment rose 34,000 in November from +256,000 to +290,000.
A similar surge happened in December, from +223,000 to +260,000, resulting in a revision of 37,000. This trend is expected to continue in 2023, with the number of job openings estimated at over 4 million.
Quick Unemployment Statistics:
Let’s find out more about unemployment in the USA in 2023:
– The no. of persons jobless decreased to 1.9 million in January 2023.
– The no. of long-term unemployed workers remained unchanged at 1.1 million.
– Long-term unemployed workers accounted for 19.4% of the total unemployed workers in January 2023.
– The percentage of unemployment rates as per race and ethnicity is:
– Adult men, 3.2 percent
– Adult women, 3.1 percent
– Teenagers 10.3 percent
– Whites 3.1 percent
– Blacks 5.4 percent
– Asians 2.8 percent
– Hispanics 4.5 percent
Labour Force Statistics:
Compared to 2022, the no. of persons not in the labor force who want a job is expected to
Increase due to an overall increase in the number of people looking for work in 2023.
The no. was similar to 2022, i.e., 5.3 million persons wanted a job. Likewise, those in the labor force and wanting a job also increased in 2023, with a number similar to 1.4 million.
Discouraged workers, on the other hand, also remained similar to 342,000 compared to 2022.
The labor force participation rate remained unchanged at 62.4%. The employment-population ratio was also unchanged at 60.2% in January 2023.
This data came after effects of annual adjustment on population controls were removed.
These numbers have remained relatively high since early 2022. They remained below the pre-pandemic February 2020 levels of 63.3% and 61.1%, respectively.
As the labor market recovers from the pandemic, job openings in the US will increase over the next two years.
Big Tech Layoffs Situation:
As many as 50,000 layoffs at some of the country’s largest companies were announced in January 2023.
This includes job cuts from tech giants like Microsoft, Google, and Apple. The job losses resulting from automation and the pandemic’s impact on the industry.
New job openings in the same industry could offset these layoffs. Companies focus on digital transformation initiatives.
In particular, Artificial Intelligence (AI) and Machine Learning (ML) opportunities will grow. This will increase job openings overall.
According to the Bureau of Labor Statistics, the number of job openings in the US will reach 168.8 million from 162.8 million from 2019-2029.
The US job market will remain strong in 2023 despite the economic downturn.
There is an expected surge in AI and ML-related job openings. The US could experience a net growth of opportunities for those seeking work.
Last Updated on 3 months by Shahzaib Arshad
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