Why Fewer Job Openings Could Be A Positive For The Us Economy

It’s now a known fact that the once-scorching hot US jobs market has been showing the signs of a cooldown, just as summer hits.

According to the US Department of Labor’s most recent statistics, on the last business day of March this year, the number of job openings decreased to 9.6 million––that’s 1.6 million lower than in December.

Reasons to be cheerful

However, there is a strong glass-half-full argument for seeing fewer job openings as a boon, not a bust.

In fact, a cooling in openings can be an indicator of a more stable economy. As the jobs market reaches equilibrium, supply and demand begin to realign, so job boards browsers won’t notice that glut of openings they might have spotted in late 2022.

The bird’s eye view from the government’s Job Openings and Labor Turnover Survey is that the number of job openings––plus the overall level of US employment––was 2.4 percent higher than the number of those working or seeking work in February, compared with 2.9 percent in January.

These days, that so-called jobs-workers gap is good news for the Federal Reserve, investors, and even workers.

With layoffs, context matters

Another positive side-effect of the chill factor is that a backlog-free jobs market often demonstrates that positions are actively being filled.

That’s good news for the swathes of tech employees laid off in 2022, many of whom were snapped up relatively quickly by employers who had been super-eager to recruit.

That afflicted information sector, which saw the biggest layoffs last year, isn’t as Titanic in proportion as its high visibility would suggest. Tech jobs in the US account for just 2 percent of non-farming employment.

These layoffs made a dent, but won’t take down the ship. The Department of Labor has indeed noted that, despite a measurable slowdown in openings, hires in March remained little changed, sticking around the 6.1-million mark.

A more balanced labor market is also good news for wage inflation. For companies on a competitive recruitment drive, saner wage growth can only be a positive.

A good time to reassess

Perhaps the most therapeutic knock-on of a cooling in job openings is the opportunity it affords workers to slow down, reflect and reassess their career goals––as well as narrow their focus.

Right now, The Hill Jobs Board features dozens of companies still in the hiring game, with hundreds of opportunities for career growth, change or upskilling.

Coordinator, Governmental Affairs & Public Policy, American Gas Association, Washington

The American Gas Association, founded in 1918, represents more than 200 local energy companies. Its Governmental Affairs & Public Policy team works with industry stakeholders and AGA members to shape the clean energy future. It is now seeking a Coordinator of Government Affairs and Public Policy to support the objectives of government affairs committees and political and industry events.

The right candidate will have a good understanding of the relevant legislative processes as well as public affairs and political campaigns––covering hearings and monitoring, analyzing and summarizing legislation are a key part of the role. This Washington-based role comes with an attractive level of flexibility with two days working remotely. To apply, visit The Hill Jobs.

Policy Advisor, The Episcopal Church, Washington

The Episcopal Church Office of Government Relations (OGR) represents the priorities of The Episcopal Church (TEC) to the government and policy community in Washington, D.C. The Policy Advisor serves as an expert on issues relating to anti-poverty and social safety net and U.S. policy, including healthcare, housing, as well as other priority areas for OGR and the broader Church.

The successful candidate will need ​​a B.A. or related degree in political science, history, religion, global or American studies; or equivalent experience working in public policy, government, or advocacy. Knowledge of the U.S. government and the federal policymaking and legislative process is essential, along with excellent political instincts and demonstrated experience in and understanding of public policy issues, both foreign and domestic. Read the full list of requirements here.

Executive Director at Next Century Cities, Next Century Cities, Washington

Next Century Cities (NCC) is a nonprofit dedicated to supporting city and local officials in expanding high-speed, affordable broadband access. NCC is currently recruiting for an Executive Director who will serve as both chief executive officer and organizational spokesperson. Leading a small yet powerful team of five, you will bring vision, strategy, and execution skills in order to organize, build, and sustain the movement to ensure equitable access to broadband and digital services for all, and particularly in urban areas that are overlooked or vulnerable to disinvestment.

The ideal candidate will bring 10 plus years’ of leadership experience advancing effective policy and systems accountability, ideally in the broadband equity sector or relevant adjacent sectors. Qualified candidates will demonstrate exceptional competencies in strategy, fundraising, management, stakeholder organizing, and communications relevant to connecting local officials to resources and capacity building to expand broadband access for their communities. Click here for a full list of requirements and details on how to apply.

To browse active openings by top recruiters in your chosen field, visit The Hill Jobs Board today