Americans hoping to secure a high-paying, remote job may be out of luck as the U.S. labor market loses steam, according to a new report.
Findings published by job search platform Ladders found that the number of available six-figure hybrid job opportunities plummeted nearly 70% in the three-month period from October to December. High-paying remote jobs tumbled 12%.
But six-figure opportunities jumped when it came to in-person job openings, rising 93% over the course of the fourth quarter.
“Jobs that pay $200,000 or more really drove the increase for in-person roles,” said John Mullinix, director of growth marketing at Ladders. “Companies want their highest earners in the office for collaboration and leadership.”
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Tech, health care and operations accounted for most of the top 25 high-paying job opportunities at the end of 2023. Six-figure job opportunities within the health care industry surged during the fourth quarter – an increase that Mullinix attributed to the flu season as well as the rise in respiratory viruses throughout the cold-weather months.
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“What was interesting was the increase in the need for physical therapist roles within the health care industry,” he said. “We also saw an uptick in nurse practitioner roles most likely driven by the overall increased need for health care professionals.”
Deloitte had the most high-paying jobs available at the end of the fourth quarter, followed by Tata Consultancy Services, Leidos, SAIC and HCL Technologies, according to the report.
The report comes shortly after the Labor Department reported that the economy added 216,000 jobs in December, pointing to a gradually slowing labor market.
Job gains were mostly concentrated in a handful of sectors last month, with the biggest gains in government (52,000), leisure and hospitality (40,000) and health care (37,700). Hiring in construction also trended upward.
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Those gains helped to offset job losses in transportation and warehousing, the result of a steep drop in the number of couriers and messengers.
The labor market has remained historically tight over the past year, defying economists’ expectations for a slowdown. However, there are some signs that cracks are beginning to appear after last year’s blistering pace of growth.
“Don’t be fooled by the strong job report for December,” said Sung Won Sohn, professor of finance and economics at Loyola Marymount University. “The cooling trend in the labor market continues. Following a period of vigorous hiring after the pandemic, there’s now a shift towards more cautious hiring strategies by businesses.”