Hiring volume continues to fall: New Hires Quality Index

Lone worker in empty restaurant

The Upjohn Institute New Hires Quality Index fell 0.1 percent between September and October, to $20.10, 7 cents off July’s record high. Hiring volume again dropped, down 0.6 for the month and 3.5 percent over the year. 

In this month’s news release, Index creator Brad Hershbein compares hiring trends for full-time and part-time workers. The wage index for newly hired full-time workers saw little growth, at 0.4 percent over the past year, and actually turned negative over the past three months. Wages for part-time new hires, on the other hand, grew 1.7 percent over the past year.

Hiring volume dropped for both groups over the same period, although only 0.5 percent for part-time new hires, compared to 4.4 percent for full-timers. The total number of workers being hired still points to a historically healthy labor market, Hershbein writes, but recent trends show that changing.  

Read the full release or explore the index.     

Date: December 6, 2023