Chicago sees the most growth for jobs: Glassdoor's August Job Market report
Daniel Zhao, Glassdoor Senior Economist joins the On the Move panel to discuss the findings of their August Job Market report.
Video Transcript
ADAM SHAPIRO: I want to turn to something else that is indirectly-- or perhaps even directly-- affecting markets, and that's the job market. To help us understand the latest report from Glassdoor, we bring in Glassdoor senior economist Daniel Zhao, who is joining us from San Francisco, California. And there's a lot in this report that we could digest. But I'm going to-- something that jumped out at me that I think is a positive, if you can help us understand the context of it, is this cities where we're seeing jobs, at least hiring pick up. And that's what surprised me. Because we have the exodus from cities, and yet Chicago and Boston were among the top cities where we saw job openings. How do we interpret that?
DANIEL ZHAO: Well, I think it's interesting to see that some of the cities where growth is the fastest month over month, like Boston, Chicago, Philadelphia, those aren't the New Yorks and the San Franciscos where the cost of living is quite as high. But keep in mind that New York and San Francisco, in our data, are still growing month-over-month faster than the national average. And I think this data is actually a bit of a Rorschach test where major cities are down year over year more than the national average, but they are recovering faster now, month over month.
MELODY HAHM: Daniel, but what does the job be posted in a certain city actually mean in this environment? Do you feel like it's actually very democratizing at this point, where someone in Iowa is saying, hey, this is my shot at applying for a job in Chicago? And maybe I won't have to move there. Maybe there won't even be this expectation, especially because the in-person onboarding process is likely not going to happen this year.
DANIEL ZHAO: I think most people still expect that their jobs to be physically located wherever the company is, and that's true for both the employer and the worker. There might be a period of time, whether it's six months to a year, where workers are still remote. But ultimately, I think people expect to go back to the office. And we are seeing that remote job openings-- truly remote job openings-- are increasing. They're up 61% year over year. That's a huge increase, but it's still a very small percentage of the overall labor market.
RICK NEWMAN: Hey Daniel, Rick Newman here. Are we seeing a gap or maybe even a growing gap between manufacturing and the service sector? I mean, the manufacturing sector seems to be recovering, service sector not recovering at the same pace. So what's happening there?