When we take a data-driven look at the job situation in the first quarter of 2023, the sky is definitely not falling.
Aspen TechLabs’ Job Report for 2023 1st Quarter is an excellent source CXR members should be scanning. [Download the report]
Clearly, we’ve seen a decline in ALL job vacancies from January but, only 3% and even going back to Oct 2022 it is still about the same. It is noteworthy that the employers on the S&P experienced a greater % decline (8% during the same period) but when you are talking about a difference between weekly job openings of 6.3 million a week versus 5.8 million, the loss is not catastrophic by any means.
Two features of this report are particularly noteworthy:
- Aspen's ability to filter by state and even index the number of openings per 1000 people in the state to make it easier to compare apples to apples. Aspen TechLabs reports that California, Texas, Florida, & New York are the four states with the most jobs. But, (assuming most of these are not remote) the states with the most jobs per population are Washington DC, North Dakota, New Hampshire and Virginia.
- A feature focused on pay transparency is loaded with great data. They report showing a continued increase in the number of jobs posted with salary information - currently at 27%. You can bet the over and under prediction by state would certainly trend toward California, Colorado, Washington and New York with some of the strongest pay transparency laws.
Not a CXR Community member and want the report? Head to Aspen TechLabs.