Q4 2023 Economic Indicator Report Released

LinkUp job data shows a considerable downturn in labor demand. Active job listings fell by 12.3% from Q3 to Q4 2023. In Q3, there were approximately 9.47 million active job listings, reducing to around 8.31 million by the close of Q4. Another significant indicator of a slowing job market is the 17.8% decline in newly created jobs, dropping from 5.94 million to 4.88 million. Additionally, the time to fill positions climbed by 10.4%, signaling a slowing hiring velocity.

For a closer look at each month’s job market analytics, view our monthly jobs recaps.

U.S. Job Listings by Month | January 2020 - December 2023

Job Demand by State

In Q4, labor demand declined across every U.S. state. The five states with the lowest demand were South Dakota (-22.0%), Arizona (-21.9%), Kansas (-16.3%), Oklahoma (-15.04%), and Alabama (-15.4%).

% change in active job listings (quarter-over-quarter) | Q4 2023

Job Demand by Industry and Occupation

The majority of industries experienced a decline in labor demand during Q4. However, there were exceptions; most notably in the Transportation and Warehousing (Postal, Couriers, Warehousing) industry with a 11.3% rise. The only other industry with an increase in Q4 was the Agriculture, Forestry, Fishing, and Hunting industry at 0.4%. Analyzing the job data at the occupational level revealed a consistent drop in demand across all occupations during this period with the Personal Care and Service occupation seeing the largest decline of over 35%.

Download the Q3 2023 Data

Download the full Q4 2023 Economic Indicator Report to explore all the U.S. labor market analytics.

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