Aura Industry Trends - October 2023
We believe that having access to the latest hiring data can unlock valuable insights into recruitment trends.
Every month, we analyze the latest publicly available job posting data to look for overall shifts by geography & sector, as well as uncovering trends in particular skills or job attributes like AI or remote jobs. These trends can help to strategically guide your next move, regardless of whether you are an employer or candidate.
Here are three of the most interesting findings from October’s job posting figures:
US October new job postings continue to fall, as unemployment clicks up slightly
When comparing new job postings in October with September figures, we saw a decline in North America (-6%), APAC (-9%), and LATAM (-2%), with an increase only in EMEA (+9%). This continues the trend from September, where new job postings in North America also declined compared with the month prior (-13%). Consequently, we have seen that US unemployment rates have risen slightly to 3.9%, compared with the 12-month average of 3.6%. This steady decline in job postings may be a prognostic marker for US hirings and the wider economy over the rest of Q4 2023.
Government Administration & Computer Software lead growth sectors
Despite the overall decline in job postings, several sectors saw sizable growth in October, including Government Administration (+21%) and Computer Software (+16%). In the US, the government fiscal year runs from October til September, so October is not an atypical time for a rise in hirings – this year, a last-minute continuing resolution on October 1st extended temporary funding in order to avert the danger of a government shutdown, which had been a realistic risk lingering throughout the latter parts of September.
AI-related roles roughly stable, with growth especially in Higher Education & Electronics
Despite the excitement surrounding AI and its applications in the workforce, there was no significant growth in AI-related postings in October, with a slight decrease of 3%. This trend is being driven by a correction in new AI-related Marketing & Advertising roles (-60%), which had risen by ~45% last month. On the other hand, significant growth in demand for AI skills was seen in Higher Education (+44%) and Electronics-related sectors (Electronic Manufacturing +36%; Consumer Electronics +20%; Semiconductors +17%). The former may be fueled by the recommencement of the academic year, while the latter may be a sign of increasing optimism about the coming year following lackluster demand & sector performance in 2023.
At Aura, we make workforce & job posting data readily available, to enable a deeper understanding of workforce & recruitment trends and drive meaningful change.
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Matthew Chan / Dishanth Umamaheshwara
Product Economist / Associate Product Manager, Aura
Note: All information mentioned in this report comes from publicly available data; if you believe the information on your company is incorrect, please reach out to us at aura@bain.com
