At PredictLeads, we analyzed hiring intent data for 5,000 US-based companies across multiple sectors to understand how the pandemic reshaped workforce demand. Our goal: to see how hiring intent correlated with the economic consequences of Covid-19.
By March 19, 2020, the first US states had entered lockdown. Within a month, more than 90% of the US population was under some form of restriction. This unprecedented pause in business activity left a visible mark on job openings across industries.
Below, we highlight how three sectors—Information Technology, Consumer Discretionary, and Industrials—were affected during this period.
Information Technology: From Growth to Contraction
Our hiring intent data shows a sharp decline in IT job openings starting March 25, 2020, when nearly 20,000 positions were slashed in a single day.
- March: The US unemployment rate rose from 3.8% to 4.5%. In the IT sector, job openings fell by 6.8%, with 47,000 listings removed in the final week of the month alone.
- April: Unemployment skyrocketed to 14.4%, coinciding with an additional 70,000 IT job openings withdrawn—a 12.8% monthly drop.
- May: Another 51,000 openings disappeared between May 1–28. If job listings correlated directly with unemployment, this trend suggested a further rise to nearly 21% unemployment by month’s end.
By late May, IT hiring intent had decreased by 10.1% compared to pre-lockdown levels.
Industries included: software & services, computer hardware, IT services.
Consumer Discretionary: Non-Essentials Hit Hard
The Consumer Discretionary sector—covering leisure products, entertainment, restaurants, and non-essential retail—experienced similar declines.
As lockdowns spread, demand for non-essential goods and services plummeted. Our hiring intent data showed clear contraction, with companies scaling back recruitment or freezing headcount entirely.
Industrials: Construction & Manufacturing Slowdown
The Industrials sector, encompassing companies producing finished goods for construction and manufacturing, also saw sharp drops in job listings.
Factory closures, supply chain disruptions, and uncertainty around demand caused many businesses to reduce or suspend hiring, further compounding economic strain.
Why Hiring Intent Data Matters
The pandemic highlighted just how valuable hiring intent data can be in understanding broader market shifts:
- Leading indicator of economic health: Job postings often decline before official unemployment numbers rise.
- Sector-specific insights: Not all industries react equally—tracking hiring intent helps pinpoint where growth or contraction is happening first.
- Strategic decisions: For sales, recruiting, and investment teams, knowing where companies are still hiring versus cutting back provides a competitive advantage.
Conclusion
Covid-19 created one of the fastest and deepest shocks to hiring intent data in modern history. IT, Consumer Discretionary, and Industrials all saw major declines as businesses adapted to uncertainty and lockdown measures.
For companies, analysts, and investors, monitoring hiring intent signals provides a forward-looking view into market resilience—or vulnerability.
👉 If you’d like to explore more detailed hiring datasets, check out our PredictLeads APIs or reach out at sales@predictleads.com