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The TAtech Talent Market Barometer for January, 2023

A joint project of TAtech and Public Insight(R)

In Brief

The Talent Market Barometer is based on two metrics: the Supply-Demand Ratio and Net Migrations in the U.S. talent market. The Supply-Demand Ratio compares the number of job seekers with resumes to the net number of jobs posted in a select set of workforce sectors. Net Migrations measures the number of people with resumes entering or leaving those same sectors.

In January, the data indicate that both the Supply-Demand Ratio and Net Migrations in the talent market were mixed. Our forecast for talent acquisition is then determined by the month-to-month direction of those two metrics – in this case, between December 2022 and January 2023. Based on that data, the current Barometer reading is for a Challenging Market for Recruiters. Conditions may be different in your specific location or for your specific target talent cohorts.

What does a mixed Supply-Demand Ratio mean?

In the six workforce sectors we monitor (which comprise approximately 50 percent of the U.S. working population, according to the U.S. Census Bureau), half of the sectors had more job seekers with resumes than there were posted jobs in January – a favorable condition for recruiters – and half did not – an unfavorable condition for recruiters.

There was a favorable Supply-Demand Ratio in:
• Retail
• Accommodation & Food Services
• Transportation & Warehousing

There was an unfavorable Supply-Demand Ratio in:
• Professional, Scientific & Technical Services
• Healthcare & Social Assistance
• Finance & Insurance

What does mixed Net Migrations mean?

In the same six workforce sectors, half of the sectors had more people with resumes coming into the sector in January and therefore were becoming more favorable for recruiters, while half had a decline in the number of people with resumes entering the sector and therefore were becoming less favorable for recruiters.

Those becoming more favorable were:
• Transportation & Warehousing
• Professional, Scientific & Technical Services
• Healthcare

Those less favorable were:
• Retail
• Accommodation & Food Services
• Finance & Insurance

Our Forecast

Our forecast looks at the month-to-month changes in both the Supply-Demand Ratio and Net Migrations to forecast a talent market that is:
• Challenging for recruiters
• Deteriorating for recruiters
• Unchanged for recruiters
• Improving for recruiters
• Favorable for recruiters

The direction of the market from December 2022 to January 2023 is as follows for the six workforce sectors was:
• Retail: Deteriorating
• Accommodation & Food Services: Deteriorating
• Transportation & Warehousing: Deteriorating
• Professional, Scientific & Technical Services: Deteriorating
• Finance & Insurance: Deteriorating
• Healthcare: Improving

Based on these readings, our forecast is for a Challenging Market for Recruiters.

Public Insight

Job Market Data & Analytics: Public Insight provides job market insights that optimize recruiting and career strategies and improve talent acquisition.

Public Insight acquires the market data used in the Barometer from Indeed and Glassdoor (Recruit Holdings) as well as select government publications and then analyzes it to produce a broad range of in-depth metrics. The resulting data set provides a targeted 70 percent proxy for the talent market in the U.S.