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May 20th, 2020 – Coronavirus Job Market Impact Report

This data in this post is accurate as of May 20th, 2020. We will continue to keep our finger on the pulse of hiring and job search behavior throughout the coronavirus crisis with regular updates and insight into the global labor market.    

U.S. hiring activity showing the first ‘green shoots’ of recovery 

It has been a disastrous start to 2020 with the U.S. seeing a 50% drop in advertized jobs over the last few months, but there are early signs that we should be cautiously optimistic of a resurgence in hiring. Since bottoming out in late April, over the last 3 weeks we have seen a 5% increase in the number of new job adverts. It’s still early days, but this could be a signal that some American employers are, slowly but surely, starting to hire more staff.   

Sector level insights – May 2020

The return to hiring has been led by the Technology, Logistics & Warehouse, and Caregiving sectors. All of these sectors remain more than 30% down on January 2020 but have seen, on average, a 5% increase in new job ads posted in the last 2 weeks.

Despite ‘some’ sector level recovery, it’s too early to start popping the champagne corks. With 36 million Americans filing for unemployment benefit in the last 2 months, many sectors continue to see worryingly low levels of new job creation. Unsurprisingly, Hospitality jobs have been the hardest hit with hiring activity down 85% vs. January & February 2020. Jobseekers looking for opportunities in Sales, HR, Construction & Energy all look set to struggle this May, with new jobs down over 70% on previous highs.

At a state by state level, the most up to the minute data shows 1/3 of states are still showing hiring decreases of over 50%. This is not good news for the millions of Americans who have lost their jobs this year, particularly those in lower-income households. The Federal Reserve recently reported that 40% of households earning less than $40,000 per year included someone who has lost a job since February.

Who’s still hiring? 

Across the country, Amazon continues to be America’s biggest recruiter, with over 200,000 job postings live in May 2020, primarily in warehouse and fulfillment roles. McDonald’s and Pizza Hut are both still actively looking for new employees, despite many restaurants across the country being closed. For a full round-up of ‘Who’s hiring in May 2020’, check out our recent piece of analysis here.

The top 10 hiring companies in the U.S., May 2020

Global outlook

Looking at hiring activity over the last month, the U.S., along with Australia & New Zealand, appear to be in the leading pack of those countries returning to hiring activity growth. The U.K., France, Germany & The Netherlands continue to experience record low levels of recruitment, but our data points to a potential recovery and resurgence in these markets in the month of June.

 

Methodology:

To measure the trends in job postings, we calculated the 7-day moving average of the number of U.S. job postings on Adzuna. The first 7 weeks of the year (pre-Covid-19 crisis) are benchmarked against week by week in data in March, April & May. Data is accurate according to Adzuna.com, as of 19th May 2020.