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Depending who you ask, we’re either a) headed for, b) currently in, or c) recovering from an economic recession. For those of you holding your breath, there is room for cautious optimism. The latest numbers from our June 2023 Monthly Workforce Report indicate that the labor market is providing stubbornly resilient.
This month, iCIMS data showed across the board increases in candidate and employer activity. This aligns with the strong job gains reported by the Bureau of Labor Statistics. Job openings (up 11%), applications (up 45%) and hires (up 20%) have all risen significantly since January 2022.
Which jobs are applicants reaching for? Let’s take a closer look and find out.
High level layoffs haven’t dulled job seekers’ enthusiasm for tech. In fact, job applications for tech positions have significantly increased by 67% since January 2022 – despite the steady downturn in job openings and hires.
Competition for available jobs has increased accordingly. There are now 86% more applicants per opening than there were at the end of last year.
The silver lining (for employers) is that now is a good time to take advantage of this boost in tech job seekers to build up candidate pools. While we don’t know when, it is safe to say that the pace of tech hiring will increase as economic conditions change.
Just because job openings are down doesn’t mean there aren’t any available roles. Applicants just need to find where the jobs are.
Looking at tech openings by industry, jobs in finance tech saw the most growth (34%). Tech is driving change in how the financial services industry operates, and employers need skilled workers to continue to evolve services like mobile and digital banking and virtual advisors. As a result, the number of open roles in fintech is significantly higher than overall tech openings, which have risen by only 6% over the last year.
Businesses within the leisure and hospitality industry are gearing up for summer – and this month’s hiring indicators certainly reflect that. Unlike the hiring trends in the tech industry, there seems to be sufficient openings to support the number of candidates in leisure and hospitality. Job openings have risen 44%, compared to job applications up 54%.
Of note are entry-level candidates, who are flocking to job opportunities in the leisure and hospitality industry. Could this be due to the unpredictability in the job market and recent hiring trends? Application volume for entry-level jobs in leisure and hospitality surged 34% between May 2022 and May 2023.
Available exclusively to iCIMS customers, iCIMS Insights+ provides a closer look at the latest data, industry trends and real-time changes that matter to talent and business leaders.
What is top of mind for new grads as they enter the job market? Download our eighth annual iCIMS Class of 2023 Report to learn how to engage Gen Z talent and develop a modern workforce.
Alex is well-versed in content and digital marketing. He blends a passion for sharp, persuasive copy with creating intuitive user experiences on the web. A natural storyteller, Alex highlights customer successes and amplifies their best practices.
Alex earned his bachelor’s degree at Fairleigh Dickinson University before pursuing his master’s at Montclair State University. When not at work, Alex enjoys hiking, studying history and homebrewing beer.
July 3, 2023 
3 min read
