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I think this is more accurately described as a base effect than a genuine labor market acceleration. Indeed’s own September update says total postings only edged higher to 103.5, just modestly above the February 2020 baseline, while new postings remained below pre pandemic levels. Software postings growing more than 21% year over year is encouraging directionally, but the comparison is coming off a very depressed base. His own chart shows that software postings are still roughly 20% to 25% below their pre pandemic level. So the improvement in the growth rate is real, but it should not be confused with a full recovery in the level. I would also want to see the actual HR specific series before drawing conclusions from the third post, because the chart shown appears to be the software development series. The bigger issue is that postings measure employer intent, not completed hiring. JOLTS still showed private hiring essentially flat in August and 170,000 below June, with quits subdued and several major industries weakening. So I would view the Indeed data as evidence that some parts of online recruiting are improving, but not yet as confirmation that the broader labor market has reaccelerated.

onechancefreedm ↗