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Thursday 22 July 2021
Urgent offers are on the rise.
Hiring can be a challenging process.
In recent months, we’ve written about the plethora of open jobs in America, the impact retirements have had on the workforce, and the higher wages companies are offering to make up for labor shortages.
And a new job site Indeed report published on Wednesday shows that employers, in greater numbers, are beginning to signal to potential employees that time is of the essence.
“The proportion of job openings using words like ’emergency personnel’ has increased by more than 50% since the beginning of the year,” said Jed Kolko, chief economist at Indeed. “While job openings have been steadily recovering since last summer, urgent hires have been reported with increasing frequency in recent months.”
Of course, as this chart makes clear, we still see “urgent hiring” mentioned in a significant minority of job postings. And that is as you would expect: after all, hiring is a negotiation. And starting that conversation from a weak point is a last resort.
But Indeed’s report also shows that the number of job openings on its site continues to rise.
There were 36.5% more job postings on the Indeed site on July 16 than on February 1, 2020. The rate of increase in the number of job postings posted to the site has slowed in recent months, but the demand for it as a continuous line on recent labor data, even if the frictions within the market abound – continues to outpace supply.
All of this suggests that as more job openings are posted to the platform, the patience employers have to let those job openings go unfilled for months is beginning to wane.
Indeed’s report also notes that approximately 4.3% of job openings advertise some kind of hiring incentive, more than double the 1.8% seen a year ago. And like the comments that companies are “urgent hiring,” these incentive mentions gained momentum in the spring and summer of 2021, illustrating that workforce demand remains high.
Another “good problem” the US economy is currently facing.
What to watch today?
8:30 a.m. ET: Chicago Federal Reserve National Activity Index, June (0.30 expected, 0.29 in May)
8:30 a.m. ET: First unemployment claims, week ending July 15 (350,000 expected, 360,000 during previous week)
8:30 a.m. ET: Ongoing claims, week ended July 10 (3,100 million in prior week)
10am ET: Leading Index, June (0.8% expected, 1.3% in May)
10 a.m. ET: Existing Home Sales, June (5.90 million expected, 5.80 million in May)
10 a.m. ET: Kansas City Federal Reserve Manufacturing Activity Index, July (25 expected, 27 in June)
7 a.m. ET: AT&T (T) is expected to report adjusted earnings of 79 cents per share on revenue of $42.76 billion
biogen (BIIB) is expected to report adjusted earnings of $4.48 per share on revenue of $2.62 billion
US Airlines (AAL) is expected to report adjusted losses of $1.72 per share on revenue of $7.48 billion
Domino’s Pizza (DPZ) is expected to report adjusted earnings of $2.87 per share on revenue of $975.16 million
The Blackstone Group (BX) is expected to report adjusted earnings of 79 cents per share on revenue of $1.88 billion
Intel Corp. (INTC) is expected to report adjusted earnings of $1.07 per share on revenue of $17.82 billion
Alaska Air Group (ALK) is expected to report adjusted losses of 42 cents per share on revenue of $1.52 billion
Southwest Airlines (LUV) is expected to report adjusted losses of 26 cents per share on revenue of $3.93 billion
Boston Beer Co (SAM) is expected to report adjusted earnings of $6.61 per share on revenue of $652.27 million
Twitter (TWTR) is expected to report adjusted earnings of 7 cents per share on revenue of $1.07 billion
snap (SNAP) is expected to report adjusted losses of 1 cent per share on revenue of $846.94 million
Crocs (CROX) is expected to report adjusted earnings of $1.59 per share on revenue of $566.89 million
Capital One Financial (COF) is expected to report adjusted earnings of $4.62 per share on revenue of $7.11 billion
Dow Inc. (DOW) is expected to report adjusted earnings of $2.45 per share on revenue of $12.98 billion
Musk says Tesla will likely accept bitcoin again in climate backtrack [Yahoo Finance UK]
European stocks soar ahead of ECB meeting [Yahoo Finance UK]
US and China commodity trade flourishes as if virus, tariffs never happened [Bloomberg]
Powell Has Broad Support Among Top Biden Employees For New Fed Term [Bloomberg]
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