Weekly Insights: COVID-19, The Labor Market & Jobs

June 5, 2020 —  Each week, Indeed shares the latest information on the impact COVID-19 is having on the labor market, job seekers and employers.

 

Here’s what happened the week of June 1, 2020:  

    • Indeed conducted a sentiment survey of over 1,000 Americans throughout the month of May. Many respondents indicate that they are willing to make major adjustments to their careers to find work right now. Some highlights include:
      • 34% of respondents report that they are willing to take a role that they are overqualified for to find a job right now
      • 20% report that they are willing to take a pay cut to find a job right now 
      • 35% report that they are willing to take on a new role in essential services right now
  • Indeed SVP of Global HR Paul Wolfe talked to ABC 9 Tucson about the future of virtual interviews.
  • Indeed Chief Economist Jed Kolko was live on CNN this week, talking about the current state of the labor market and which industries are hiring  now. 
  • Today’s monthly jobs report showed a surprising bounceback, wrote Indeed Research Director Nick Bunker in his commentary released today. However, he warns “but it’s not clear how enduring this will be. Furthermore, the labor market is still in a terrible spot with employment only 87% of where it was before the coronavirus crisis began.
  • The number of US unemployment claims for the last week of May were 1.9 million, the lowest since the start of the pandemic in early March. Nick Bunker told the Washington Post, “It’s a sign that things are not getting as worse as they were before. We have seen a reduction in the pace of people becoming jobless. So that’s positive. But we’re still seeing claims at astronomical levels than what we saw before this crisis.”
  • Despite the dire unemployment claims, companies are still hiring. Over 500,000 jobs are added to Indeed each week in the U.S. alone. Here are just some of the companies who are hiring right now:
    • Advance Auto Parts
    • Brookdale Senior Living
    • Chipotle Mexican Grill
    • United States Postal Service
    • Walgreens
    • Subway
  • So far in 2020, the trend in job postings, a real-time measure of labor market activity,  34% lower than in 2019, as of May 29, the fourth week of gradual improvement.
  • Indeed has rolled out several product updates to help those whose jobs have been impacted by COVID-19. More information on how job seekers can use these tools to quickly and easily connect with employers in a way that reflects the social distancing and shelter-in-place measures can be found here. 

 

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