Steve Forbes, chairman of Forbes Media, and Andy Puzder, former CEO of CKE Restaurants, discuss the December jobs report and point out discrepancies in the report.
Americans hoping to secure high-paying jobs in remote areas may be out of luck as the U.S. labor market loses momentum, according to a new report.
According to research released by job search platform Ladders, the number of six-figure hybrid job openings plummeted by nearly 70% in the three months from October to December. High-paying remote jobs fell 12%.
However, six-figure opportunities skyrocketed when it came to in-person job openings, increasing by 93% during the fourth quarter.
“Jobs that pay $200,000 or more really drove the increase in in-person jobs,” said John Mullinix, director of growth marketing at Ladders. “Companies want top earners in their offices who bring collaboration and leadership.”
US economy adds 216,000 jobs in December, more than expected
A job fair sign on Fifth Avenue in Manhattan, New York City, September 3, 2021. (Reuters/Andrew Kelly/Reuters Photo)
At the end of 2023, technology, healthcare, and operations accounted for most of the top 25 highest-paying jobs. Job openings in the healthcare industry surged by six figures in the fourth quarter, and Mullinix attributes the increase to flu season. Respiratory viruses increase during the cold season.
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“What is interesting is that there is a growing need for the role of physical therapists within the healthcare industry,” he said. “We have also seen an increase in the role of nurses due to an overall increase in demand for healthcare professionals.”
According to the report, Deloitte had the highest paying jobs at the end of the fourth quarter, followed by Tata Consultancy Services, Leidos, SAIC and HCL Technologies.
Participants at the Healthcare Career Fair held at Cape Fear Community College on February 28, 2023 in Wilmington, North Carolina. (Photographer: Alison Joyce/Bloomberg/Getty Images)
The report comes shortly after the Labor Department reported that the economy added 216,000 jobs in December, indicating a gradual slowdown in the labor market.
Last month's job gains were mainly concentrated in a few sectors, with the largest gains in government (52,000 jobs), leisure and hospitality (40,000 jobs), and health care (37,700 jobs). Employment in the construction industry is also on the rise.
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These gains helped offset job losses in transportation and warehousing caused by a sharp decline in the number of couriers and messengers.
The labor market has remained historically tight over the past year, contrary to economists' predictions of an economic slowdown. But after last year's breakneck growth, there are some signs that cracks are starting to appear.
“Don't be fooled by December's strong employment report,” said Soong Won Sohn, a financial economics professor at Loyola Marymount University. “The labor market continues to cool. After a period of active recruitment following the pandemic, companies are now moving to more cautious hiring strategies.”
