Nowcast and Frog release July wage trend data
*Finatext Holdings Co., Ltd.*
Press release: August 21, 2024
**
Nowcast and Frog release July wage trend data
*~HRog Wage Now, a wage trend index service for full-time and part-time employees based on recruitment big data~*
Nowcast Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo, Representative Director and CEO: Tsujinaka), a member of the Finatext Group that realizes embedded finance by providing next-generation financial infrastructure
Hitoshi (hereinafter referred to as “Nowcast”) and Frog Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo, Representative Director/Media Manager: Kikuchi), which provides job big data for analysis. Kensei (hereinafter referred to as “Frog”) today released part of the July wage trend data (updated on August 12, 2024) from “HRog Wage Now” (read: Frog Wage Now).
“HRog Wage Now” is a wage trend index service based on a large amount of job advertisement data (hereinafter referred to as “job big data”). Compared to various official statistics on the labor market, it has a higher frequency and speed of reporting, and is characterized by its ability to perform cross-selling analysis by type of employment, such as “by prefecture x type of occupation” and “by type of industry x company size.”
■Overview of July 2024
○Full-time employee
* [General] *
– The year-on-year comparison of the recruitment wage index for full-time employees in July continued to decline from June and fell below +2% for the first time since December of last year.
– Although the year-on-year comparison of the number of job openings index has decreased since June, it has maintained a high double-digit growth rate.
* [Recruitment wage index by industry]*
– The year-on-year change in recruitment wages for full-time employees by industry shows a variety of trends, with some increasing, remaining the same, and decreasing compared to June.
–
Looking at service-related industries, the industries that saw an increase from June to July were the “education and learning support industry” and the “life-related services and entertainment industry,” and these industries, which had lagged behind other service
industries, The increase in recruiting wages in these industries is noticeable.
–
Recruiting wages in the “transportation and postal industries” continued to decline significantly in July, following June. It is thought that recruiting wages have been raised in the past to secure the number of people in response to the 2024 problem, but this trend has calmed down and recruiting wages are on a downward trend compared to the previous year.
* [Index of job openings by industry]*
– Looking at the year-on-year comparison of the index for the number of full-time job openings by main industry, “Medical and Welfare” has continued to show a year-on-year decline, but other industries have seen a year-on-year increase.
– In the “transportation and postal industries,” where recruiting wages have decreased significantly, the number of job openings is also decreasing. The increase in hiring due to the labor shortage appears to be slowing down.
○Part-time job
* [General] *
– The year-on-year comparison of the recruiting wage index for part-time workers has remained flat since June.
– The year-on-year comparison of the job openings index has increased since June and is back to positive year-on-year growth.
* [Recruitment wage index by job type]*
– The year-on-year comparison of recruitment wages for part-time workers by industry has increased in many industries from June to July.
– Recruiting wages for part-time workers in service-related industries have remained at a high level, and in particular, wages in “life-related services and entertainment industries” have continued to rise since June.
– The number of full-time employees in the transportation industry and postal industry had decreased significantly, but the number of part-time employees has returned to a high level of +6.8% compared to the previous year.
■Notes
–
Monthly data is created from weekly data. Weekly data is scraped every Monday, so the number of data points used for aggregation of monthly data varies depending on the month.
– This figure is a partial excerpt. If you wish to use the data, please be sure to contact Nowcast.
– When quoting graphs, etc., please write “Source: Nowcast”. * [Reference information] *
* ■“HRog Wage Now” * (https://hrogwagenow.com/)
“HRog Wage Now” is a wage trend index service that has higher frequency and promptness than various official statistics on the labor market, and facilitates cross-selling analysis of “region x
occupation.” Official statistics and “HRog”
Wages Now”
By looking at these together, you can relativize official statistics and add more depth to your interpretation. We provide the index with high speed, as soon as two weeks after the date of acquisition of the job advertisement data, and the index is updated weekly, and you can also view the standard value and year-on-year comparison.
The “Recruitment Wage Index” of “HRog Wage Now” is statistics on recruitment wages. By evaluating the current state of the Japanese economy and analyzing how the effects of government policies and the Bank of Japan’s monetary policy are reflected in the job market, it can be used to predict the Japanese economy and monetary policy.
* ◯Details of the index provided by “HRog Wages Now”*
* 1. Recruitment wage index *
Overview: Indexed average wage for full-time/part-time employees Type: Comparison with the same month last year, comparison with the same month last year, standard value with February 13, 2017 as 100, real number
Update frequency: Weekly/monthly (compared to the same month last year, standard value only)
Provision lag: 2 weeks from the day the job advertisement was web scraped Offer period: From February 2017 onwards (For comparison with the same period last year, from February 2018 onwards)
Classification: Overall index, index by occupation, index by prefecture *Cross-selling analysis of occupation and prefecture is possible.
Job type weight adjustment: Full-time employee (Yes/No), Part-time employee (No) Seasonal adjustment: none
Classification by recruitment wage: Full-time employees (based on monthly salary, annual salary, monthly salary + annual salary), part-time workers (based on hourly wage)
* 2. Job opening index *
Overview: Indexed number of full-time/part-time jobs
Type: Comparison with the same period of the previous year, comparison with the same month of the previous year, level value with February 13, 2017 as 100
Update frequency: Weekly/monthly (compared to the same month last year, standard value only)
Provision lag: 2 weeks from the day the job advertisement was web scraped Offer period: From February 2017 onwards (For comparison with the same period last year, from February 2018 onwards)
Classification: Overall index, index by occupation, index by prefecture *Cross-selling analysis of occupation and prefecture is possible.
Job type weight adjustment: None
Seasonal adjustment: None
Classification by recruitment wage: Full-time employees (based on monthly salary, annual salary, monthly salary + annual salary), part-time workers (based on hourly wage)
* ◯About the original data of “HRog Wage Now”*
Target data: Job advertisement data collected by Frog through web scraping (full-time/part-time employees)
Recruitment media: Over 150 job search sites
Number of data: 1 million to 3.5 million pieces of data are used for index calculation every week
Data history: After February 13, 2017
– Comparison chart of official statistics on the labor market and “HRog Wage Now” –
* ◯Apply for a free trial of “HRog Wages Now”*
If you would like a free trial of “HRog Wage Now”, please apply from the service site below.
“HRog Wage Now” service site https://hrogwagenow.com/
* ◯ Examples of the use of “HRog Wage Now” by government offices and research institutes *
– Cabinet Office “Relevant ministerial meeting materials regarding monthly economic reports, etc. (July 25, 2020)”
” (July 10, 2024)
– Cabinet Office “Relevant ministerial meeting materials regarding monthly economic reports, etc. (June 27, 2020)”
” (June 6, 2024)
– ITOCHU Research Institute, Inc. “Restart towards economic normalization under rising interest rates (revised outlook) – Japan Economic Information May 2024 issue
” (May 29, 2024)
– Resona Holdings Co., Ltd. “Resona Economic Flash (Japan-U.S. Market View: Utilization of alternative data ~ HRog Wages Now)” ” (May 21, 2024)
– SOMPO Institute Plus Co., Ltd. “Tectonic changes in prices and wages occurring in the tourism industry ~The day when we can escape from being a wage inferior is coming soon~”
” (July 30, 2024)
– “Comparative analysis of ‘HRog Wage Now’ and official statistics
” (June 19, 2024)
– “Ripple effect of minimum wage increase on recruiting wages for part-time workers