Julia Pollak, Chief Economist at ZipRecruiter, joins TheStreet to discuss the latest hiring trends, including which sectors have hired the most over the past six months.
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00:00 Are there any specific industries or sectors in the U.S. economy experiencing notable hiring
00:06 or notable job growth right now that you're seeing?
00:09 Well, over the past six months, just three major sectors have been responsible for 92
00:14 percent of all the jobs added in the U.S. economy.
00:17 Those are health care, the government, and leisure and hospitality.
00:22 Health care is just steady and stable.
00:25 It's pretty recession-proof, and it is the sector expected to add the most jobs over
00:30 the next 10 years due to demographic change, aging population, and increased need and demand
00:35 for health care services.
00:37 The government is playing catch-up.
00:40 Public sector hiring took much, much, much longer to recover from the pandemic than private
00:44 sector hiring, partly because the public sector is just slower when it comes to raising wages
00:48 and adjusting.
00:50 We are seeing that adjustment now.
00:51 And so finally, as the private sector pulls back and cools down, the public sector is
00:56 becoming more competitive and is having an easier time recruiting and retaining workers.
01:01 And then leisure and hospitality, Americans like going out to restaurants and traveling.
01:05 Hey, listen, we love the experienced economy.
01:08 We have seen time and time again the U.S. consumer is willing to spend on those things,
01:12 whatever concert or trip to Europe or whatever it is that we want.
01:16 I wonder, what else are you seeing in the data at ZipRecruiter in terms of job openings?
01:22 Any trends or anything you've seen that might even be a bit of a surprise, I wonder?
01:26 Yeah, we're actually seeing a little bit of an uptick in tech job openings.
01:31 And I think that's very encouraging after a year which could quite accurately be described
01:36 as a tech session in which the whole information sector shed jobs and was very, very slow to
01:43 hire.
01:44 So that does appear to be changing now.
01:46 And partly that's because the stock market has had a pretty good year in 2023.
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