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    Tech industry rookies are increasingly looking for remote jobs, Indeed finds

    a desktop computer sitting on top of a desk: Image: iStockphoto/anyaberkut

    © Provided by TechRepublic Image: iStockphoto/anyaberkut

    New data from job search site Indeed finds that entry-level tech professionals—defined as those having less than 24 months of work experience—are increasingly seeking remote jobs. Between 2020 and 2021, searches for remote work among that demographic tripled from 3.5% to 10.5%. What’s Hot at TechRepublic

    a desktop computer sitting on top of a desk: Add some plants around your workplace to give it some life. Multiple remote workers said it made them enjoy their desk area more, making work more fun. 

    © Image: iStockphoto/anyaberkut

    Add some plants around your workplace to give it some life. Multiple remote workers said it made them enjoy their desk area more, making work more fun. 

    Young tech workers are in luck, Indeed said, because remote job postings doubled during the COVID-19 pandemic, and continue to rise. Data from Pearl Meyer cited by Indeed found that 80% of businesses felt pandemic-driven work from home policies were successful, 40% reported productivity increases and 33% plan to keep U.S.-based workers remote after the pandemic ends. 

    CONSTELLATION BRANDS, INC.

    SEE: COVID-19 workplace policy (TechRepublic Premium)

    The fact that remote work has been successful during the pandemic is nothing new: previous studies have cited an increase in worker happiness, found that productivity dips were a myth and that most businesses plan to maintain, at the very least, a hybrid home/in-office model going forward.  

    Indeed said that workers who are new to the industry have been affected by the way new graduates and other entry-level tech professionals look at their opportunities, with flexible work clearly becoming more of a priority for rookie job seekers.

    Indeed said that newly-minted tech professionals are searching for 15 particular keywords when looking for jobs: software engineer, data analyst, software developer, web developer information technology (including IT), analyst, front-end developer, IT support, data scientist, software, data, engineer, data entry, UX designer and help desk. Companies seeking fresh talent should consider including these keywords in job postings and descriptions so that young job seekers land on their posts.

    To contrast, Indeed also included the five most in-demand jobs (data analyst, data scientist, front-end dev, software dev and software engineer), which closely align with what young people are searching for. 

    SEE: Juggling remote work with kids’ education is a mammoth task. Here’s how employers can help (free PDF) (TechRepublic)

    Indeed also included the 15 most-posted tech jobs on Indeed, the top five of which are senior software engineer, software developer, software architect, full-stack developer and software engineer. Again, there’s a good deal of alignment between what’s being searched and what’s available, so hopefully developer jobs will be filled before talent shortages begin to arise.How entry-level tech pros can find a remote job

    Indeed also included tips for those seeking a remote position; young job seekers would do well to heed some of this advice if working from home is a requisite part of future employment. Include remote work terms in your job searches, like telework, remote, work from home or hybrid. 

    When searching for a position, try putting “remote” in the Where field, then the job title in the What field. Indeed supports this type of search, though other sites methods may vary.

    When you’ve searched for a job, filter results for “remote.” 

    Make sure your resume is top notch. Indeed recommends that job searchers should “reread the job description and take note of keywords that match your background. These might be qualities, hard skills, soft skills or specific experiences or other qualifications. Then, weave those keywords into your resume in relevant places.”

    Prep for virtual interviews by making sure your camera and mic are working, testing your internet and finding a quiet, professional-looking spot. Also, prepare to answer common questions, research about the company and read the job posting again. Be sure to also have notes in front of you so you can hit talking points and not forget anything important.

    Here we go again with the ‘I created more jobs’ thing

    a man talking on a cell phone: Democratic presidential candidate Joe Biden give the thumbs up as he speaks to media before boarding his campaign plane at McCarran International Airport on Friday.

    © Carolyn Kaster/AP Democratic presidential candidate Joe Biden give the thumbs up as he speaks to media before boarding his campaign plane at McCarran International Airport on Friday.

    One of the hallmarks of Donald Trump’s presidency — well, of Donald Trump in general — was his affinity for exaggeration. Everything he did was the best or a record or whatever; everything his opponents did was the worst thing that could be done. We all sort of got used to it.

    It meant that when Trump would say things like that more Americans were working than at any other point in history, it became necessary to point out that, yes — in large part because there were more Americans than at any prior point. It’s substantially easier to put 150 million people to work in a country of 330 million people than a country of 140 million people (as at the end of World War II).

    Trump also liked to reframe his response to the coronavirus pandemic as a success because the number of people working surged late last spring — after falling off a cliff a few months earlier. Trump touted the addition of 5 million jobs last June, an achievement somewhat like being proud of how many people rode your roller coaster in the week after it was reopened by safety inspectors.

    But, you know. This was Trump being Trump! Always gold-plating everything.

    Or maybe it was just Trump being a president.

    Sigh. Okay.

    So, first: It is true that the country has added more than 1.5 million jobs since January (using the common vernacular that “gains in the number of people working” equals “added jobs.”) And it is true that, since the Eisenhower administration, no president has seen more jobs added in the first three months than Biden.

    chart, bar chart, waterfall chart

    (We start at Dwight D. Eisenhower because that is as far back as Bureau of Labor Statistics data go. We exclude Lyndon B. Johnson and Gerald Ford because their presidencies didn’t start in a commensurate fashion.)

    But, again, it’s a lot easier to add 1.5 million jobs in a workforce that already tops 144 million than one in which only about 50 million are working (as when Eisenhower took office). If we adjust the change in employment relative to every million residents of the United States, the growth under Biden is basically the same as the gains seen under Jimmy Carter.

    chart, bar chart

    Here, too, the context is important. If we — unfairly! — compare employment relative to the peak in employment during the year prior to the president taking office, the number of people working is lower after three months of Biden than any of his recent predecessors. Because, again: there was a pandemic. There was a big hole that we’re still trying to fill.

    chart, bar chart

    Between the lines, those charts show the different position Biden is in relative to where Barack Obama was 12 years ago. Obama inherited a falling economy that kept falling for a while. Biden inherited one that was largely stagnating.

    So how do we evaluate how the economy has fared under Biden? Well, we can certainly acknowledge that the rapid decline in the spread of the coronavirus has allowed the economy to get back on its feet. To some extent, that’s directly a function of Biden’s administration. To some extent, it’s also a function of the Trump administration’s efforts to secure millions of doses of vaccines.

    Trump was criticized last year — including by Biden — for his failure to tamp down on the virus’s spread.

    “A president who takes no responsibility for costing millions and millions of Americans their jobs deserves no credit when a fraction of them return,” Biden said last June after Trump began boasting about the surge in jobs that May.

    This bleeds into an important qualifier for any claims about job growth by presidents: the economy is big and complex and job shifts often have little to nothing to do with the presidents. That’s been less true in the pandemic era, when Trump and Biden had more ability to call for business closures or to work to balance the economy with containment measures. But it’s still hard to say with certainty that Biden deserves credit for those 1.5 million jobs.

    It’s when he starts to take credit for a decline in airline crashes that we’ll know he’s truly out over his skis.

    A big jobs report looms in the week ahead, as markets enter the often-weak month of June

    A trader works on the floor of the New York Stock Exchange.

    NYSE

    May’s employment report is the big event in the week ahead, as stocks enter the often weak month of June. Stocks are finishing May with a mixed performance. Big cap indexes like the S&P 500 and Dow notched gains. The S&P rose a half percent, and the Dow rose 1.9%. The small cap Russell 2000 was flat, up 0.1%, and the tech-heavy Nasdaq declined 1.5%.

    June is not historically a strong month for stocks. Bespoke Investment Group points out that over the past 50 years, the Dow has gained just 0.12% in June and has been positive 52% of the time.

    But over the past 20 years, June was far weaker, gaining only 40% of the time. June’s performance is tied with September as the worst month of the year, with an average Dow decline of 0.7%, according to Bespoke.

    The economy is front and center in the coming week with the important ISM readings on manufacturing and services sector activity, but the most important measure will be Friday’s jobs report. According to Dow Jones, economists expect Friday’s employment report to show the creation of about 674,000 jobs in May, after the disappointing 266,000 jobs added in April. That was about a quarter of what economists had expected.

    “You know if we have two months in a row of not delivering on the jobs expectations, the market is going to get nervous,” said George Goncalves, head of U.S. macro strategy at MUFG. “Hopefully, we beat it and then that creates a positive buzz, and we go into the Fed meeting and then we’re, ‘Hey, the economy is still on track.'”

    The Fed meets June 15-16, and already market pros are anticipating it will be the most important event of the month. Fed officials have emphasized that they will keep policy easy as they watch to see signs that the economy is really healing. They also contend that higher inflation readings are temporary, since the data is being compared with a weak period last year.

    Key for the markets is whether the Fed begins to believe that inflation is higher than it expected or that the economy is strengthening enough to progress without so much monetary support. Fed officials have said they would consider discussing tapering back on their quantitative easing bond purchase program if they see signs of improvement, and that would be a first step toward interest rate hikes, not expected until at least 2023.

    If inflation runs too hot, the Fed’s main weapon to combat it is to raise interest rates.

    The prospect of higher interest rates makes the stock market nervous, since it would mean higher costs for companies and less liquidity. In theory, higher interest rates also means that investors could potentially choose higher-yielding bond investments over stocks.

    The next big read for the economy is Friday’s jobs report, and it looms large as recent inflation readings have come in much hotter than expected. The latest was the personal consumption expenditures price index Friday. It showed core inflation running at 3.1% year over year, the strongest reading for that measure since 1992.

    The Fed’s beige book on the economy is expected Wednesday. ISM manufacturing data is expected Tuesday, and ISM services is released Thursday. Fed Chairman Jerome Powell speaks on central banks and climate change at Green Swan 2021 global virtual conference Friday.Inflation flare-up

    The Fed has said it would tolerate an average range of inflation around its 2% target until it sees inflation sticking at a higher level. Inflation has been running mostly below 2%, prior to the latest numbers.

    “With the PCE number coming in like every other inflation number over the last six weeks, hotter than expected, the market is inching closer to calling the Fed out on its view that inflation is transitory,” said Julian Emanuel, head of equity and derivatives strategy at BTIG.

    Emanuel said the speculative activity around meme stocks this week is a sign of froth and shows a large amount of liquidity in the hands of investors. One of those stocks, AMC, closed off 1.5% on Friday after rallying 116% in the past week, giving it a 2021 gain of 1,200%.

    “The net net on the index level is basically it’s a stock market that’s moving sideways,” Emanuel said. “Our view continues to be that when you look at it longer term, the big picture is this is a bull market that started in March of last year that has further to run. When you look at it in the medium term, the market has every right to be concerned and we do believe they will amp up their concern that the Fed’s paying insufficient attention to price stability.”

    Emanuel said he studied what happened to stocks when core PCE was above the Fed’s 2% target. “The average monthly return for months where the core PCE has been over 2%, going back to 1989 is (a decline) of 1.6%, with a decided bias toward more defensive sectors like health care outperforming and a very pronounced bias for technology of all kinds to underperform,” he said.

    Technology stocks, as measured by the S&P information technology sector, gained 1.6% in the past month, and are up 5.9% year to date. The sector is lagging the S&P 500’s 12% gain.

    The top-performing sectors have been cyclical year to date, with energy up 36.2%, financials up 28.5%, materials up 20.1% and industrials up 18.3%. Communications services, which contains some internet growth names, gained 16% since the start of the year. Health care has been outperforming information technology, up 8.6% year to date.

    In the past week, the S&P 500 gained 1.2% to 4,204 and is within 1% of its all-time high. The Dow rose 0.9% to 34,529, and the Nasdaq was up 2% at 13,748.Red flag?

    On the edges of the financial markets, market pros are paying attention to signs of a huge surge of liquidity in the financial system. In the past week, institutions have been placing unprecedented amounts of cash with the Fed, nearly a half trillion dollars Thursday.

    “There’s way too much liquidity in the system, and it’s happening as a result of the Fed’s ongoing QE, but also disbursements from the fiscal stimulus,” said Goncalves.

    He said the funds from trillions in stimulus, including to state and local governments, have not yet been spent but have found their way into the banking system. At the same time, institutions and individuals continue to move funds into money market funds, now holding about $4.6 trillion.

    Those funds also put pressure on the system, since they put funds in Treasury bills. Goncalves expects the Fed to raise rates on excess reserves if the situation gets worse.

    “There’s no precedent for this because it is totally a function of there being just too much money in the system,” he said.

    “Institutions are redepositing cash at the Fed because they don’t have enough bills or short-term commercial paper. There’s not enough fixed income assets to go around,” said Goncalves. He said banks also do not want to hold the excess cash since it counts against their leverage ratio, and they would prefer to find other higher-yielding investments.

    What it has done is sparked some speculation that the Fed would taper its QE program sooner than expected, he said.Week ahead calendar

    Monday

    Memorial Day holiday

    Tuesday

    Earnings: Canopy Growth, Hewlett Packard Enterprise, Ambarella, Zoom Video

    9:45 a.m. Manufacturing PMI

    10:00 a.m. Fed Vice Chairman Randal Quarles

    10:00 a.m. ISM manufacturing

    10:00 a.m. Construction spending

    2:00 p.m. Fed Governor Lael Brainard

    Wednesday

    Earnings: Advance Auto Parts, Lands’ End, NetApp, Splunk, Cloudera, PVH, C3.ai

    Vehicle sales

    8:15 a.m. ADP employment

    12:00 p.m. Philadelphia Fed President Patrick Harker

    2:00 p.m. Beige book

    2:00 p.m. Atlanta Fed President Raphael Bostic, Chicago Fed President Charles Evans, Dallas Fed President Robert Kaplan

    Thursday

    Earnings: Broadcom, Lululemon Athletica, Five Below, Hovnanian, Express, J.M. Smucker, DocuSign, Cooper Cos, CrowdStrike

    8:30 a.m. Initial jobless claims

    8:30 a.m. Productivity and costs

    9:45 a.m. Services PMI

    10:00 a.m. ISM Services

    12:30 p.m. Atlanta Fed’s Bostic

    1:00 p.m. Dallas Fed’s Kaplan

    1:50 p.m. Philadelphia Fed’s Harker

    3:05 p.m. Fed Vice Chairman Quarles

    Friday

    7:00 a.m. Fed Chairman Jerome Powell on central banks and climate change

    8:30 a.m. Employment

    10:00 a.m. Factory orders.

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