LinkedIn’s October hiring data points to a labor market that’s slow and steady.
📉 Hiring: National hiring is down nearly 6% YoY and compared to pre-pandemic levels (Oct 2019), hiring is still running 24% slower.
📍 Quits & Job Seeking Activity: Nationally, quits and applications per applicant are effectively unchanged over the last year.
📉 Competitiveness: Nationally, job postings per applicant is down 8% year-over-year, but changed little in October.
📈 Jobs Added: LinkedIn data suggests a modest increase in payroll employment of +40K in October, on par with Consensus.
Similar to the labor market, confidence the economy will improve remains fragile.
📊 Exec and Worker Confidence Gap: Across our LinkedIn confidence indices, both US workers and executives continue to be impacted by ongoing uncertainty, though leaders are slightly more optimistic: 39% expect improvement within the next year, compared to only 23% of US workers.
While the above paints a sobering picture, we are seeing signs of resilience:
💡 Hiring is steadying across a broader group of industries: Accommodation and Food Services (hiring +.5 year-over-year), Tech, Information and Media (-.2 year-over-year), Construction (-.4% year-over-year)
📣 Small businesses are leading the hiring charge: Hiring is up 9% year-over-year in companies with 2-200 employees.
For additional LinkedIn insights, please see this post from my colleague Kory Kantenga, Ph.D. : https://lnkd.in/g7uamsYV
