Job markets around the world have struggled throughout 2023 due to factors such as inflation driving up costs and triggering widespread layoffs. Across the U.S. there were 1.7 million fewer jobs available in October 2023 than there were in October 2022.
Side hustle experts Wealth of Geeks have analyzed the latest data from the Bureau of Labor Statistics which showed the available job openings from October 2022 to October 2023, and calculated the percentage difference to rank each state from the largest to smallest difference.
The states with the largest percentage difference in job openings are:
Wisconsin ranks as the state with the largest percentage change in the job market, with a 33.59% decrease, having 87,000 fewer jobs available in October 2023 compared to October 2022. Wisconsin’s biggest industries are typically agriculture, manufacturing and tourism. These industries are physically demanding jobs and often have a high stress level and lower pay.
California is second on the list, with a 32.81% decrease. Known as a hub for tech jobs and the entertainment industry, California had 394,000 fewer job openings in October 2023 compared to October 2022. Tech careers have seen widespread layoffs in recent months and the actors and writers strikes meant that film and television companies had to postpone projects.
Iowa ranks third, with a decrease of 28.81%. There were 34,000 fewer job openings in Iowa in October 2023 compared to the same period in 2022. Iowa’s major industries include healthcare and retail. The rise of online shopping has hit retail stores and has caused many to close while healthcare suffers from low pay and high stress.
New Hampshire is fourth on the list, with a decrease of 28.07%. The state saw 16,000 fewer jobs in October 2023 compared to October 2022. New Hampshire’s largest industries include colleges and universities, property, and insurance-related activities. These sectors typically require advanced education or specialized degrees to enter and do not have a high turnover.
Arizona ranks fifth with a 24.38% decrease, this equates to 59,000 fewer openings from October 2022 to October 2023. Arizona is known for its manufacturing industry which produces electronic and aerospace equipment. This type of manufacturing requires advanced education and has a high barrier to entry.
Indiana is sixth on the list with a decrease of 23.50%. From October 2022 to October 2023, there were 47,000 fewer job openings in the state. Similarly to Arizona, Indiana produces electrical and transportation equipment alongside pharmaceuticals and medical devices and is the second-largest auto manufacturing state. While these industries require specialized education, they also employ office staff with a lower entry barrier.
|
Rank |
State |
Job openings Oct. 2022 |
Job openings Oct. 2023 |
Change from Oct.2022 – Oct. 2023 |
Percentage difference Oct 22 – Oct 23 |
|
1 |
Wisconsin |
259,000 |
172,000 |
-87,000 |
-33.59 |
|
2 |
California |
1,201,000 |
807,000 |
-394,000 |
-32.81 |
|
3 |
Iowa |
118,000 |
84,000 |
-34,000 |
-28.81 |
|
4 |
New Hampshire |
57,000 |
41,000 |
-16,000 |
-28.07 |
|
5 |
Arizona |
242,000 |
183,000 |
-59,000 |
-24.38 |
|
6 |
Indiana |
200,000 |
153,000 |
-47,000 |
-23.50 |
|
7 |
Oregon |
144,000 |
112,000 |
-32,000 |
-22.22 |
|
8 |
New Jersey |
267,000 |
208,000 |
-59,000 |
-22.10 |
|
9 |
Virginia |
325,000 |
254,000 |
-71,000 |
-21.85 |
|
10 |
Connecticut |
113,000 |
89,000 |
-24,000 |
-21.24 |
Oregon lands in seventh with a 22.22% decrease, a fall of 32,000 job openings from October 2022. Some of Oregon’s largest industries include medical insurance activities, hospitals and circuit manufacturing. Insurance activities have the lowest barrier to entry out of these industries due to customer service requiring no special education. However, advanced degrees are needed in hospitals and electronics.
New Jersey is eighth with a 22.10% decrease, a fall of 59,000 available jobs since October 2022. Pharmaceuticals, financial services and transportation are all major industries in New Jersey. Some of these industries have a customer-facing part of their business which allows for a lower barrier to entry.
Rounding out the list is Virginia, with a decrease of 21.85% and Connecticut, with a decrease of 21.24%.
Michael Dinich, spokesperson for Wealth of Geeks, commented on the findings:
“When looking at the number of available jobs in each state, it’s essential to understand what industries are common as that will dictate what most of the state’s population are employed to do.
“Areas such as retail and general customer service make up the bulk of jobs available, but this is affected by the economy and education level of the population. These jobs are suitable for anyone, meaning there’s often high competition and high turnover as people grow in their roles. When it comes to more specialized jobs such as teachers or doctors, the entry requirements are much higher, and turnover is low due to those requirements.
“Supply and demand is another consideration in the job market. Technology–related degrees have been popular in recent years, leading to many graduates; however, costs have also risen, meaning companies cannot afford to hire as many relevant employees.
“Companies face rising costs, causing a domino effect where they cannot employ people, so the public cannot afford goods and support companies.”
