Business
PandoLogic Labor Insights Report Reveals What’s Changed in the Job Market, Identifies Key Indicators for 2023
Proprietary Research Offers Critical Recruitment Data Enabling Employers to Navigate Current Uncertainty NEW YORK and DENVER, Feb. 09, 2023 (GLOBE NEWSWIRE)
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[{"type":"text","content":"Proprietary Research Offers Critical Recruitment Data Enabling Employers to Navigate Current Uncertainty\nNEW YORK and DENVER, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PandoLogic, a wholly owned subsidiary of Veritone, Inc. (NASDAQ: VERI) and a leading provider of artificial intelligence (AI) hiring solutions, today announced the availability of its latest Labor Markets Insights Report, which analyzes the second half of 2022 and proposes potential trajectories for 2023. Developed in conjunction with the Center for Business and Economic Analysis (CBEA) of the Donald J. Schneider School of Business and Economics at St. Norbert College, the report examines the labor market amid a period of persistent inflationary pressure and negative GDP growth as well as increased layoffs in certain sectors. PandoLogic’s latest research helps talent acquisition and HR professionals make sense of the changes experienced in the second half of 2022. The study takes a comprehensive look at the factors at play and how an economic slowdown may impact the overall cost of recruitment, including cost-per-click (CPC), conversion rate (CVR) and cost-per-applicant (CPA) metrics. Select findings from the report include: While unemployment rates are still low relative to historical standards, 27 states saw a decline in employment levels in Q3 2022, compared to only one state in Q2 2022. Unemployment rates are highest in the West Coast, Mid-East Atlantic and Great Lakes regions.Despite high-profile layoffs, employment in the tech industry continued to grow in late 2022, albeit at a slower rate. That said, the tech industry is historically sensitive to downturns. Employment in the sector fell by 9 percent in six months at the start of the Great Recession in 2008 and 7 percent in six months at the outset of Covid-19.Wage growth was higher at the close of 2022 than at any other point in the last 20 years but was outpaced by inflation. As of November 2022, there was a sizable 6.2 percent year-over-year increase in wages; however, with the overall inflation rate at 7.1 percent, the average worker experienced lower spending power.The core recruitment metrics of CPC and CPA increased in the latter half of 2022 due to tightness in the labor market, coupled with historically low unemployment. At the same time, CVR continued its slight decline from a two-year high noted in June...