The Upjohn Institute New Hires Quality Index continues to rise, with its sixth consecutive record high of $18.83, up 0.3 percent, between September and October. Hiring volume again fell, by 0.3 percent, but remains 2.7 percent above its prepandemic level.
This suggests the hiring market has gone from a boil to a simmer, Index creator Brad Hershbein writes in this month’s news release, and maintaining that simmer may be a challenge. This month, Hershbein takes a closer look at hiring trends for full- and part-time workers, finding stronger wage and hiring growth for full-time workers.
The COVID-19 pandemic put part-time hiring on a roller coaster, with fluctuations in overall hiring and the types of occupations that were hiring making for a bumpy wage index. Full-time workers, in contrast, showed more stable hiring and have reached an all-time high in the wage index, rising 2.4 percent since the pandemic’s start.
In terms of hiring volume, both groups surged in the pandemic hiring recovery of late 2020 into 2021 before falling. However, full-time hiring volume has leveled out while part-time hiring has continued to fall through 2022.
As a result, full-time workers hold an increasing share of the total earnings power among new hires, setting a new record at 73.3 percent. That’s a good sign for those seeking full-time work, Hershbein writes, but less positive for those hoping to ease back into the labor force with a part-time job.
How to use the New Hires Quality Index: