And ZipRecruiter said this on the labor market...

The earnings conference call of ZipRecruiter is always enlightening on the state of the labor market. Ian Siegel, the CEO, has been talking about a slower trajectory of job listings for the past year now and here is what he said last night after reporting that revenue fell 27% y/o/y in Q2:

"As we look toward the 2nd half of 2024, we continue to navigate challenging labor market conditions. Per the Bureau of Labor Statistics, seasonally adjusted hires have declined every month on a y/o/y basis since August of 2022. The quit rate has fallen 9% below the average rate in 2019."

"The y/o/y decrease in quarterly paid employers is primarily reflective of reduced demand from SMBs (small and medium sized businesses). The slight decline q/o/q reflects the continued uncertainty and volatility of the labor market."

While employer demand for labor is weakening, people are picking up the pace of their own job searches as "Total ZipRecruiter web traffic in the US grew 22% y/o/y, which is 12 percentage points more than any of our largest competitors." 

As for guidance, "While we saw signs that we were potentially approaching a trough for much of Q2, trends in the last few weeks of June and through July make us more cautious in our expectations for Q3."

Following the mixed leisure/travel commentary we've seen so far this week, this is what Hilton said yesterday: