This week, we’re thinking Warren Buffet would’ve loved to see our hiring data on Bank of America before Berkshire’s significant selldown of the stock. Plus: Mediterranean chain Cava shows steady listings growth in spite of stock dip...
This Week in Jobs Data:
Bank of America, Cava, Lululemon, Curaleaf
Good morning.
This week, we’re thinking Warren Buffet would’ve loved to see our hiring data on Bank of America before Berkshire’s significant selldown of the stock.
Plus: Mediterranean chain Cava shows steady listings growth in spite of stock dip, Canada Goose puffs up sales hires ahead of its new product line, and—in a special snapshot of our age—job openings are up in Nuclear and Cannabis.
Read to the end for the latest labor demand trends at four companies with earnings calls next week: Dollar Tree, Broadcom, Toro, and Oracle.
Want to see more labor demand insights? Join us for a live demo of LinkUp Compass on 9/5 and have your alt data questions answered. Register here.
Warren Buffet made headlines this week for a selldown in a longtime darling stock: Bank of America. Though BofA underperformed the Nasdaq bank index in the last month, it’s bounding ahead of competitors in hiring activity.
Since the start of the year, job openings at BofA are up over 100%, particularly for sales roles. That puts their hiring increase at the very head of the pack, with Citigroup coming in second at a 70% increase in active listings since January 1. 32% of current BofA openings are allocated to securities, commodities, and financial services sales agents. This role composition marks a significant difference from peers whose sales jobs hover between 4-9% of total listings.
While investors with a monkey see, monkey do sensibility may follow Buffet’s lead in selling off Bank of America shares, job openings data point to significant growth at the bank as it positions itself for impending rate cuts
Active Listings Index since 1/1/24: BofA (+100%) | Citi (+70%) | JPM (+27%) | WF (-28%)
Bank of America Sales Hiring is up 171% since top of year
Occupation Compare: BofA prioritizing Sales Hires well beyond peers
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Job openings are up over 30% at the outerwear retailer the memosphere loves to hate. The bump, which is especially notable for sales and production gigs, coincides with the announcement of a new product line at the brand, including T-Shirts and Shorts.
Canada Goose Sales and Production Hiring up significantly since 1/1/24
Bargain bragging on TikTok is a new pastime of GenZ's--as one college student quoted in the article sees it: “finding bargains is the new status symbol.” It’s bad news for Lulu as upstart brands like Gymshark and AYBL offer leggings and other favorites at under half the price without a significant shift in quality perception.
LinkUp Compass data below shows active job openings down almost 50% at the luxury retailer in the last year. Will Lulu be able to regroup and wait out the downturn in young consumers' itch for luxury labels? How will this trend ripple out across the retail universe?
Cava Group shares fell over 5% on Tuesday after a major shareholder and several executives sold stock following an all-time high on Monday. Despite the drop, Cava’s stock is still up over 175% since the start of the year, reflecting strong market performance.
LinkUp data shows a consistent increase in job postings for food preparation and serving roles at the Mediterranean fast casual chain in the last two years, indicating Cava’s focus on building long-term operational strength. Move over, Guac; Hummus is coming for you.
The federal government and Michigan are fusing budgets to restart the decommissioned Palisades nuclear plant with a $2 billion investment, the move driven by an influx of electricity demand from AI server farms.
Data centers are projected to account for 8% of U.S. electricity demand by 2030, up from around 3% in 2022, emphasizing the need for reliable and sustainable power sources like nuclear energy.
LinkUp data below shows a clear upward trend in job postings containing both the words "Nuclear" and "Energy" within the U.S. Electric Power Generation industry over the past five years.
US Nuclear Energy Job Openings in Electric Power Generation industry up by ~200% since 1/1/20
Cannabis is growing rapidly within agriculture, with California averaging around $270 million in legal weed sales per month this year.
Curaleaf, one of the largest cannabis companies in the U.S., shows significant hiring growth in Sales and related roles starting from 2023, as seen in LinkUp data below. The increase in hiring at Curaleaf indicates the company’s strategic focus on expanding its market presence and sales capabilities in response to growing demand.
Curaleaf Percentage of Sales Job Openings up by 40% since 1/1/23
Before the Earnings Call:
LinkUp is highlighting recent hiring trends at four companies set to report earnings next week. The data below is meant to provide additional insight ahead of official reports, and not to stand alone as an indicator of earnings results.
Every day, LinkUp indexes millions of job listings directly from more than 67,000 employer websites. In aggregate, this data tells the story of company health over time, strategic approaches to growth, signals of distress, and in-demand skills.
