After months of slowing job growth, hiring picked up in April. According to the latest U.S. Bureau of Labor Statistics’ (BLS) monthly jobs report, employment grew by 253,000, following feeble gains of only 165,000 in the month prior. Growth was seen in a number of industries, including tech, healthcare, and leisure and hospitality.
Looking ahead, Monster data indicates that this growth may continue—at least for a little while more—with the number of active postings up 9% over the past month. Here’s our breakdown of the latest job numbers, along with key takeaways to help employers plan for the months ahead.
Tech Hiring Rebounds Following Layoffs
At the start of the year, we saw some of the biggest names in tech (Amazon, Meta, Alphabet, Microsoft, Salesforce, etc.) lay off workers en masse. In the first quarter alone, tech companies laid off more people than they did in all of 2022. Some attributed this to “right-sizing” after many tech companies scaled too quickly and over-hired during the COVID-19 pandemic.
Recent job numbers, however, show that things may be looking up. In April, tech layoffs dropped 83% compared to the previous month. Meanwhile, the professional, scientific, and technical services sector led the way in the BLS monthly jobs report with gains of 45,000. Within the tech industry, some of the top jobs posted on Monster over the past month include:
- Software developers, applications
- Network and computer systems administrators
- Computer user support specialists
From the candidate’s side, Monster job search activity shows that layoffs haven’t discouraged tech talent from seeking work in their field. Some of the top tech jobs being searched on Monster include:
- Data engineer
- Java developer
- Devops engineer
Healthcare Hiring is Alive but Not Well
Healthcare employment continued to rise at a steady pace in April, with 40,000 jobs added, per the BLS monthly jobs report. However, despite these gains, the healthcare industry continues to face a serious healthcare worker shortage, with projections showing that by 2025, the U.S. will need:
- 446,000 home health aides
- 95,000 nursing assistants
- 987,000 medical and lab technologists and technicians
- 29,000 nurse practitioners
In other words, April’s job numbers could have been even better. Monster data shows just how in-demand healthcare jobs have become, with the number of active healthcare job postings up 6% over the past month alone. In fact, registered nurse was the #1 job hiring overall on site in April. Other top healthcare jobs hiring include:
- Licensed practical and licensed vocational nurses (#7 overall)
- Nursing assistants (#9 overall)
While healthcare candidates continue to seek positions for registered nurses, medical assistants, and nursing assistants on Monster, it’s clear that more needs to be done in terms of training and talent acquisition. According to Monster’s economist Giacomo Santangelo, “The healthcare industry is facing several barriers when it comes to hiring, including a shortage of skilled workers, changing immigration policies, and the uneven geographic distribution of workers with the necessary skills.”
Restaurant Industry Waits for Summer Rush
After dominating the BLS monthly jobs reports in 2022, recent job numbers show that restaurant hiring continued to wane. In April, leisure and hospitality added 31,000 payrolls, the bulk (25,000) of which was in bars and restaurants.
Fortunately, this may just be the calm before the storm. “There could be a temporary slowdown in labor demands as the industry transitions from spring break to summer vacation hiring,” Santaneglo says. “It’s possible that employment in leisure and hospitality will pick up in the coming months as more businesses reopen and consumer demand rebounds, but it’s difficult to predict with certainty.”
Looking ahead, Monster data suggests that hiring could, in fact, ramp up as we approach the summer months. Over the past month, the number of active restaurant job postings increased 6% on Monster (followed by an 8% increase last month). Some of the top active restaurant jobs hiring right now include:
- Cooks
- Food prep and serving workers (including fast food)
- Waiters and waitresses
Job search activity may also pick up, especially as the school year ends and students look for summer jobs. Some may even be starting their job searches now. Over the past month, top keyword searches within the restaurant industry include:
- Cook
- Server
- Dishwasher
Wages Continue to Rise Amid Hot Job Market
Wages continued to go up, up, up in April. According to the BLS monthly jobs report, average hourly earnings increased 16 cents last month, an increase of 4.4% over the past year. “In a strong labor market, where there are more jobs than job seekers, as we appear to have now, employers are forced to offer higher wages and benefits to attract and retain employees,” Santangelo says. “This has contributed to upward pressure on wages.”
Especially as consumer prices continue to rise faster (5% YoY) than wages, employers will have to continue to evaluate compensation packages in order to compete for talent in today’s economy.
A Recession May be on the Horizon
While this month’s job numbers appeared strong, other economic measures indicate that we may be headed toward a recession. “Unemployment is at the lowest level it has been in decades, wage growth is up, but so is the cost of living,” Santangelo says. “Inflation is still well above the Fed’s 2% target. At some point in the next few months, an over-correction of interest rates will cause unemployment to increase to, according to the Treasury Department, at least 4.5% (that is more than 1.5 million new unemployed workers). We are already seeing decreases in productivity and soon that will translate to decreases in production, increases in layoffs, and a general recession.”
Employers should put plans in place for responding to a potential economic downturn and the impact it will have on revenue and growth. When it comes to recruitment, Monster is here to help employers position themselves as a place where candidates can grow, no matter what happens. Download our 2023 Recruitment Survival Guide to help you plan your hiring strategy in the months ahead.