June Jobs Report - Comp Increased, Postings Decreased, Longer Fill Time and Open Days and Lower NPS
Public Insight’s monthly U.S. Jobs Report summarizes market insights from the millions of job postings, resumé updates and history, compensation surveys, and employer ratings/reviews available in our TalentView market analytics solution in addition to broader labor and macroeconomic indicators.
Summary - Key Takeaways
Job postings decreased 6.7% in June and are at the lowest point in 2024.
Open days increased from 84 days in Q1 to 104 days at the end of Q2.
June had the highest average fill days at 64 days.
June showed a spike in compensation of 4.4% after being ostensibly flat for much of 2024.
Strong recent compensation gains are concentrated in Healthcare, Financial Services, Accommodation Services, and Construction sectors.
Healthcare supply imbalances continue to worsen.
Several industries with prior gaps have now achieved supply/demand balance or parity.
Net Promoter Score (NPS) declined to a multi-month low of 15.8 meaning marginally more promoters than detractors.
Neutral reviews increased significantly suggesting a passive labor force.
Job Postings - Key Takeaways
Job postings decreased 6.7% in June and are at the lowest point in 2024.
Volume declines range across industry sectors with exceptions in administrative and transportation sectors. Technology appears poised for a rebound.
Average fill days based on the trailing fifteen months activity held steady at 53 days. However, June had the highest fill days at 64 days.
Open days increased from 84 days in Q1 to 104 days at the end of Q2. The composition of open ads is weighted towards older ad placements.
Urgent rates have declined to just over 1% where they have remained for the past three months indicating a lethargic market. By comparison at the height of the pandemic resurgence, urgency rates reached as high as 40%.
Posting Volume
Job postings declined 6.7% in June, which is the lowest monthly point thus far this year in 2024. Job postings are down 15.6% from the January peak.
Posting volume declines range across industry sectors with several exceptions.
Transportation and administrative sector jobs have increased thus far this year.
After steep declines in the latter part of 2023, technology industry jobs have leveled off and are poised for a rebound.
Healthcare also remains resilient with minimal job declines.
Fill Days
Our fill days calculation uses the job ad expiration and ad removal to determine a presumptive hire. When measured over a long period of time and over millions of postings, fill days provides a strong glimpse of the overall market.
The trailing fifteen months is used as a time horizon for our analysis. Average fill days has held steady at 53 days. However, the highest point, thus far was in June at 64 days. Albeit based on only 32% of jobs being presumptively filled.
In the graph below, we show the fill days (green line) by month along with the percentage of ads (blue bar) that have been filled. Obviously, the newer ads have a lower fill rate, but we can still draw some conclusions based on the ads that have been filled.
Open Days
Open days are postings that are still determined to be open. We track every job posting uniquely and ascertain its fill status on a weekly basis. Generally, we have found that six to nine months is a good time horizon to evaluate the open days. Older postings may distort the open days as they may represent “evergreen” postings.
Open days as a composite for the last six months ticked up significantly from 83 to 104 days with 29.1% of the job ads still open.
The open days has also inched back up over time from a low point of 79 days in February to 116 days in June.
We also noted that while the composite open days has increased, the composite percentage of open ads (open rate) based on a trailing six months declined from 34.3% to 29.1%.
When combined with the recent uptick in fill days (above), this indicates that older ads are a higher percentage of the open ads (e.g., January ads are still 14% of open ads at end of June).
Ad Indicator and Remote Job Insights
Urgent rates have declined to just over 1% where they have remained for the past three months indicating a lethargic market. By comparison at the height of the pandemic resurgence, urgency rates reached as high as 40%.
Sponsorship rates had bottomed out in May at 6.2% of Indeed® ads. June has rebounded to 8.8%, the second highest monthly rate during 2024 possibly signaling a market ready to heat up.
Remote jobs continue to whither in importance as employers settle into work policies. The percentage of ads expressly identified as remote has declined to 3%, the lowest point since before the pandemic.
Compensation - Key Takeaways
June showed a spike in compensation of 4.4% after being ostensibly flat for much of 2024.
Strong recent gains are concentrated in Healthcare, Financial Services, Accommodation Services, and Construction sectors.
Over the past twelve months, compensation has increased 9.8%. Compensation gains may be influenced by job mix. For example, jobs in the financial sector are finally seeing compensation gains after experiencing declines for much of the past twelve months.
Compensation Composite
Compensation increased 4.4% in June to $58,400 on a composite basis across all job postings.
Compensation has increased 9.8% over the trailing twelve months.
This month experienced a spike as composite compensation had moderated between $53,000 and $54,000 for many months.
Big comp winners from May to June are healthcare and financial services as shown below. Financial services and technology may be showing signs of recovery after a poor end of 2023.
Accommodation Services, Transportation, and Construction have all shown strong gains in the last quarter.
Supply and Demand - Key Takeaways
Healthcare supply imbalances continue to worsen.
Several industries with gaps have now achieved supply/demand balance or parity.
While the labor market remains robust there are still acute shortages of workers in certain sectors. We measure relative supply and demand using net openings against resumés by sector.
Supply/Demand Chart
To highlight supply/demand imbalances, we superimpose job seekers based on resumés against net job openings (hires based on unique postings). We can then look at this supply and demand in diverse ways.
The graphs indicate supply surplus (more job seekers than net postings) shown in green or supply shortage (less job seekers than net postings) shown in red. We picked a time horizon of six months, which highlights the current market surplus or shortage. The total bar reflects the summaries of openings (black) and resumés (red or green) for that time period.
Supply/Demand Scorecard
We highlight the current state of supply/demand at the end of June and compare it to the previous state. A change is not necessarily good or bad, but we have highlighted changes in supply/demand gaps that significantly impact the current trends.
Worker Sentiment - Key Takeaways
Net Promoter Score declined to a multi-month low of 15.8 meaning there were marginally more promoters than detractors.
Neutral reviews increased significantly suggesting a passive labor force.
Communication and management continue to be the subjects that employees cite negatively.
Employees and benefits are the subjects cited most positively.
Net Promoter Score Dives to New Low
Net Promoter Score (NPS) took a nosedive in June to 15.8. Net Promoter Score is measured based on the percentage of positive reviews over negative reviews. A score of 15.8 (out of 100) means there are only marginally more “fans” than there are “detractors”.
In our analysis we found that both positive and negative reviews declined almost proportionately over the last twelve months. It is the neutral reviews that have significantly increased. It is as if workers are taking a “wait and see” as their employers grapple with new expectations, a tightening labor market, and workplace policies.
Opinion Mining Suggests Communication Gaps
The following graph displays the top subjects that employee reviews cited negatively. Communication and management suggest correctible issues.
Top positive subjects include coworkers, people and benefits. A positive, endearing culture is so important to today’s employee.
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About Public Insight
Public Insight® develops TalentView, a talent analytics solution that transforms data from Indeed®, Glassdoor®, LinkedIn®, and government publications into decision-making insights and market intelligence.
Our insights help HR/TA practitioners inform and justify recruiting decisions and budgets, and prepare for hiring manager discussions.
Market data and intelligence enables HR/TA solution providers to expand their offerings, improve business development and deliver more value to their clients.s
This report is a sample of the talent market insights available from TalentView.
Decision-making insights cover a wide range of topics including:
Job posting trends and fill rates
Supply and demand market metrics
Comp and benefit analysis
Ad indicator (Sponsored, Quick Apply, Fair Chance Jobs) trends
Remote work trends
Employer ratings, reviews, and sentiment analysis
Job requirements keyword analysis
Workforce migration
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