Key insights

• 👻 Ghost jobs are on the rise, reflecting a cooling in the economy and a decline in the rate of hires to job postings.
• 📉 The slowdown in the US job market in July 2024 was cooler than expected, with a drop in hiring rate from 8 hires per 10 job postings to 4 hires per 10 job postings.
• 📈 Despite positive job data, many workers are struggling to find jobs, creating a disconnect between data and job seekers' experiences.
• 💼 The rise of ghost jobs is creating a fake perception in the labor market, making it difficult for the Fed and economists to understand what's real.
• 🔍 Spotting ghost jobs can be difficult; signs may include long job openings with high applicant numbers.
• 📋 Job boards should take more responsibility for addressing fake job postings and holding companies accountable for transparency.
• 🚫 Companies posting 'ghost jobs' to attract talent create a less friendly environment for job seekers and may lead to job seekers adopting similar behavior.
• ❓ Ghost jobs contribute to confusing trends in the labor market and may indicate uncertainty in market visibility and company branding.

Q&A

• How do ghost jobs impact the labor market?

  The rise of ghost jobs creates a fake perception in the labor market, leading to confusion and making it difficult for the Federal Reserve and economists to accurately understand the true state of the labor market. It also creates a less friendly environment for legitimate job seekers.

• What is the role of job boards in addressing fake job postings?

  Job boards like Indeed, ZipRecruiter, and LinkedIn should take more responsibility for addressing fake job postings by implementing enhanced verification methods and holding companies accountable for transparency. Enhanced job post verification methods could include reaching out to multiple people in the hiring process and verifying via social media.

• How can ghost jobs be identified?

  Spotting a ghost job can be difficult, but signs may include long job openings with a high number of applicants. For example, in 2023, 1.7 million job openings on LinkedIn were older than a month, potentially indicating ghost jobs.

• How has the job market been affected?

  The job market has slowed down, leading to fewer hires per job posting. Despite positive job data such as increased payrolls, many workers are struggling to find jobs, creating a disconnect between the data and job seekers' experiences.

• What does the rise of ghost jobs reflect?

  The rise of ghost jobs reflects a cooling in the economy and a decline in the rate of hires to job postings. It may also indicate uncertainty in market visibility and company branding, with companies keeping their options open amidst a slowing job market.

• What are ghost jobs?

  Ghost jobs are job postings that don't actually exist and are not scams. They are job positions that employers don't intend to fill soon or ever, and are often used to attract talent or maintain a positive company image.

• 00:00 Ghost jobs, which are job postings that don't actually exist, are on the rise, with many companies posting fake job listings. This phenomenon reflects a cooling in the economy and a decline in the rate of hires to job postings.
• 02:01 The job market has slowed down, leading to fewer hires per job posting and possibly indicating a lack of true hiring intention. Companies may be posting 'ghost jobs' to keep their options open and enhance their image. The slowdown in the US job market in July 2024 was cooler than expected.
• 04:02 Despite positive job data, many workers are struggling to find jobs, leading to a disconnect between the data and job seekers' experiences. The rise of ghost jobs is creating a fake perception in the labor market, making it difficult for the Fed and economists to understand what's real.
• 05:44 The existence of ghost jobs, which are job positions employers don't intend to fill, is hard to prove and detect. Signs of ghost jobs include long job openings with a high number of applicants. Companies may not admit to posting ghost jobs as it reflects poorly on them.
• 07:25 Some job postings are vague and may not represent real openings. Job boards like Indeed, ZipRecruiter, and LinkedIn should take more responsibility for addressing fake job postings by implementing enhanced verification methods and holding companies accountable for transparency.
• 09:12 Companies are posting 'ghost jobs' to attract talent, taking advantage of the labor market. This creates a less friendly environment for job seekers and may lead to job seekers adopting similar behavior. 'Ghost jobs' are contributing to confusing trends in the labor market.