U.S Wage and Job Market are slumping

BusinessU.S Wage and Job Market are slumping

U.S Wage and Job Market are slumping

Job ewebsite Glassdoor published a new report earlier this month on the U.S economy. According to the gathered data, job opening rose 1.4% and the median pay rose 1,8%, showing a “deceleration from 2018”
While job openings increased at 9.8 percent in 2018, the growth was only averaging 2.2% last month. These figures might be crucial for the presidential race, as employment and growth in general seems to slow down in the country. 
The report also listed the top 10 job cities in the U.S, led by Philadelphia, Atlanta and Boston. According to the report, transportation, logistics, manufacturing and small businesses have the largest job opening in the country. 

Job openings are slowing down

Bad news for the American economy: job openings are becoming rarer. According to the latest Glassdoor report published on July, 2nd, “the U.S. labor market continued its sluggish performance in June, offering little relief after a disappointing jobs report in May”.

Last year’s annual growth market in job openings average nearly 10%. This year, it was only at 2.2%. “Job postings grew even slower at 1.4 percent in June, resulting in 5.65 million job postings on Glassdoor”, confirmed Daniel Zhao, senior economist and data scientist.
While workers remain in “high demand”, job openings rose 1.4 percent compared to last year, which, according to Zhao is “a good sign”.

Median pay is decreasing, too

However, it seems that the median pay has been undergoing a significant cut. According to the data gathered by Glassdoor – mostly on the companies that are rated on its platform – the median salary has decreased compared with last year.
“Wage growth flattened at 1.7% with median base pay rising to $53,411 per year from a year ago”, confirmed the report. This number is 1.8% less than last month and below the 2.5% average pay growth “we saw in the second half of 2018”.
However, the Job Openings and Labor Turnover Survey (JOLTS) report from the Labor Department revealed more nuanced results and “showed a sharp drop in hiring in May”, while “layoffs remained low”.
As it turns out, some industries are showing some strong needs of workers – highlighting some new ‘hot’ cities to live for job seekers.

Read on Alvexo: “Will China-US Trade War Create a Recession?”

New trends and cities for 2019

Since January 2019, there have been more than six million job opening in the U.S. And although one might think for New York and San Francisco being the biggest job hubs in the country, middle cities have risen sharply this year.

Philadelphia is ranked as the first city to find a job in the U.S according to Glassdoor, with more than 100,000 available positions and a median salary of $53,000.
Atlanta and Boston respectively come second and third, with each more job openings (120,000 and 146,000) and a higher median salary ($54,000 and $57,000).
New York City has an almost flat job opening rate at 0.2% compared with 2018.
Last but not least, San Francisco, Los Angeles and Houston ranked as the last three of this top 10 list have shown grim numbers for the first time in more than a decade. SF and LA job openings are -0.1% and -0.3% compared with last year, while Houston’s opportunities are down -7.9%.