Although hiring rates differ across industries, we observe a continual slowdown in hiring across the board. The figure below, which highlights four diverse sectors, shows that hiring in each subsector has declined on both a month-over-month and year-over-year basis.
“Employers may be pulling back on hiring in response to a slowdown in attrition but also as a way to limit labor costs in anticipation of slowing growth,” said Adam Schickling, a Vanguard economist. “Compared with last month, the slowdown in hiring is now more broad across all sectors.”
Media, entertainment, and leisure sector hiring has dropped the most on an annual basis, falling to 1.2% in August 2023 from 2.4% a year ago. The education and health sector has declined the least of the four sectors, edging down to 1.5% from 1.6% over the same period.