Weekly Viz 2024-03-11
Job Postings on Indeed
Last week I saw some people sharing this dataset from FRED on social media, showing how much the Software Development job postings have decreased since 2022. This really makes me wonder, how does it compare to the other industries? Are we seeing the same trend across the board or is this specific to software development? Luckily I found similar data on FRED on overall US job postings and in other industries. For the visualization, I will be comparing US overall vs. Software Development vs. Banking and Finance.
My Visualization
The visualization is a scatter plot with each dot representing one country at each education level. You can hover on the dots to change the country being highlighted.
Please notice that all the visualizations are designed for desktop view, so it is recommended to view them on a desktop device.
Insights
- Job postings in the US dropped sharply at the beginning of 2020, when the pandenmic hits;
- But later, from June 2020, we see it gradually bouncing back and reaching the peak at the beginning of 2022;
- During this peak, Software Development job posting grew the fastest (230% of the level at Feb 1, 2020), likely with the hype in the tech industry, stock market, and all the IPOs; the growth of Banking and Fiance job posting was slightly below it, but both increased much more than the level of how overall US job posting had increased over the same period;
- After that, overall US job posting slowly decreasing from its peak of 160% (compared to Feb 1, 2020) to ~120% today, with the concern of the inflation and economy, and fed lowering interest rate. However, similar to how much more increases we see in software development and finance job postings, we also see a similar level of decreases in these two industries. We have seen lots of layoffs in this time period, and many say tech overhired too much during the pandemic, so it’s hit worse, which might be true given how much it spiked in this chart.
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