Job listings at S&P 500 companies have increased by 52% this year as firms seek to boost hiring amid the economic recovery from the pandemic, according to the S&P 500 LinkUp Jobs Index.
“Labor demand in the US has risen to unprecedented levels this year, with companies across sectors scrambling to hire workers as the economy continues to recover from Covid-19,” said Reid Steadman, managing director and global head of ESG and innovation indices at S&P Dow Jones Indices. “Against that backdrop, it is not surprising to see a significant increase in job listings by S&P 500 companies.”
Communications services companies — which includes providers of cellular services, telephone services and fiber optic cable networks — have seen the quickest growth with an increase of 120.4% in open positions. They were followed by energy companies, up 119.8%, and financials, up 105.4%.
The smallest growth occurred in “consumer staples” companies, where job openings grew by 28%. Consumer staples includes companies that provide essential products used by consumers such as food and household goods.
“It’s a reversal of trends from 2020 when consumer staples companies were among the least adversely impacted by Covid-19,” Steadman said. “Last year, job listings at consumer staples companies increased 20.5% compared to 9.7% among S&P 500 companies overall.”