August 10, 5:21 pm
During the past few weeks, we have been observing a trend of hiring freezes across multiple industries. It indicates a labor market slowdown due to several factors, including 40-year high inflation, uncertain consumer demand, interest rate hikes, and a debatable recession.
According to our data, many companies have dropped their open positions. Some companies with the highest hiring freeze percentages since June include Shopify, Pinterest, DoorDash, and NVIDIA, with more than a 70% decrease in open job posts today since June. Canadian e-commerce giant Shopify recorded the most significant drop of roughly 90% job openings, falling from 342 average openings in June to 36 positions today.
|Avg. job posts in June
|Job posts today
It appears that the decrease in hiring is widespread among top companies. Pronounce names such as Oracle, Google, Meta, Micron Technology, TelaDoc Health, and Twilio are also slowing down hiring. Tech companies are exhibiting more recognizable patterns of employee layoffs amid recession concerns. Google CEO Sundar Pichai sounded alarms when he publicly remarked: "Google has too many employees, but too few work".
Similarly, 76% of all companies we track at DilliBits, have decreased their number of job postings since June.
Quantifiable hiring drops can indicate the company's economic downturn or financial stress. Conversely, growth in hiring percentages can suggest a good spell in the company's fortunes, opening up an excellent investment opportunity.
A few companies have resisted the labor market uncertainty. They have shown growth in hiring rates during the past few weeks. Most notably, Netflix, Ford, and Dropbox have yielded such growth. Semiconductor company QUALCOMM and baby clothing company Carter's returned an enormous 185% and 407% respective increase in open jobs since June. Perhaps a strong indicator of growth for their businesses?
At DilliBits, we download and analyze information on 500 of the most popular public companies in the United States. We gather and process data for all these companies from several sources such as job boards, employee ratings at Glassdoor and Indeed, and LinkedIn. We use alternative data to assist our readers in making more informed and data-driven investment decisions. According to our analytics, most companies displayed a percentage decrease in open job postings. Still, some showed signs of growth as well.
For more valuable insights, sign up for an account at DilliBits and buy your stocks wisely by studying alternative data that we process for your better understanding. Sign up at the following link: https://dillibits.com/?p=signup
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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