June 2024 Jobs Recap

Key Takeaways:

• Active Job Openings dipped after an increase in May. As we’ve reported consistently over the last year, monthly job openings are trending gradually down toward pre-pandemic levels. One month’s losses will balance out the last month’s gains, with a steady shuffle towards an exceptionally well-balanced job market. “This is what the economy looks like when it is at a sustainable simmer,” said Ernie Tedeschi,  former Biden administration economist now at Yale University’s Budget Lab.
• Based on our May data, LinkUp is forecasting 245,000 new jobs for June, over the consensus estimate of 190,000. The BLS will release their number on Friday. We project that a monthly addition of 180-220,000 jobs to NFP rolls will be the minimum requirement for unemployment to remain below 4%. Some experts are concerned that heightened waves of immigration will call for a number closer to 300,000. But as of May, unemployment holds at 4%, consistent with economists’ reading of a full employment environment.

Read the full recap for a full breakdown of job market data for the month of June.

U.S. Job Listings by Month | January 2020 - June 2024

Closed Duration

The entire U.S. economy tracks hiring velocity by measuring closed duration, or the average number of days that companies post job listings on their websites before removing them. As the average number of days a job listing remains live increases, hiring velocity slows.

Closed duration saw a significant increase in June 2024, reaching 51 days. This is a 10-day rise from May (41 days) and brings the metric back to levels observed in January 2024.

Closed Duration of U.S. Jobs | January 2020 - June 2024

Jobs Data By State

During the month of June, 79% of the United States saw a decline in job listings. The states that saw the largest decreases in listings included:

• Vermont (-19.6%)
• Arizona (-14.7%)
• Rhode Island (-12.8%)
• Montana (-12.5%)

Five other states and territories that experience a decline of 5-10% include New Jersey, South Dakota, Puerto Rico, Alabama and Nebraska.

There were three states that saw growth during June of 5% or more:

• Wyoming (8%)
• Mississippi (5.8%)
• South Carolina (5.0%)

Percent Change in Active Job Listings by State (Month-Over-Month) | June 2024

Jobs Data By Industry (NAICS)

LinkUp's labor market data indicates a significant decline in labor demand across industries in June 2024. Seventy-seven percent (77%) of industries experienced a decrease in job postings:

Industries with the greatest decline in job postings:

• Transportation & Warehouse - Truck/Rail/Air (-10.0%)
• Professional, Scientific, Technical Services (-7.7%)
• Arts, Entertainment, Recreation (-6.6%)

While the majority of industries saw a decrease in job postings, a few experienced growth:

• Management of Companies (11.4%)
• Retail - General Merchandise (9.9%)
• Retail - Other (2.8%)
• Administrative, Support, Waste Management and Remediation Services (1.2%)
• Wholesale Trade (0.6%)

Job Listings by Industry (NAICS) | June 2024

Jobs Data By Occupation (O*NET)

Mirroring the decline observed in job postings across various U.S. industries in June 2024, all occupational groups experienced a decrease as well. The following occupational groups experienced the most significant decreases in job postings:

Occupations with greatest decline:

• Arts, Design, Media, Entertainment (-13.0%)
• Life, Physical, and Social Science (-9.4%)
• Protective Services (-7.5%)
• Business & Financial Ops (-7.3%)
• Education Instruction & Library (-7.0%)

Job Listings by Occupation (O*NET) | June 2024

LinkUp 10,000

The LinkUp 10,000 is a daily and monthly analysis that shows the number of job openings from 10,000 global employers with the most U.S. job openings in LinkUp’s dataset.

The LinkUp 10,000 dropped 2.2% in June compared to May, following a small increase in the prior month. Over the past three months, the LinkUp 10,000 has seen a cumulative decrease of 1.2% and on a year-over-year comparison, the LinkUp 10,000 is down 12.0%.

Companies Added

Every month, LinkUp indexes new companies to our database. During June, LinkUp started indexing 1,423 new additional employer websites, the third consecutive month of more than 1,000 career sites added.

LinkUp Monthly Forecasts

Get ready! Our forecast for the BLS JOLTS report is coming next Wednesday, before the official data release. This report provides valuable insights into the job market, including the number and rate of job openings, hires, and separations across various industries and company sizes.

LinkUp JOLTS Forecast - May 2024

But that's not all! We also offer a monthly forecast for the nonfarm payroll (NFP) report, based on our exclusive RAW LinkUp job listing data. This forecast sheds light on potential growth or decline in job openings across the entire U.S. economy.

Data Disclaimer

LinkUp’s monthly data recaps incorporate revisions to previously-reported monthly data with the purpose of reporting the most accurate and up-to-date data points. For more information on what circumstances may impact data revisions, visit our Data Support Center.