LinkedIn's Economic Graph reposted this
Hiring slowed further in September. 📉 According to LinkedIn data, national hiring fell 3.5% month-over-month and 8.7% year-over-year. Since January, hiring has declined more than 7%, and it's now over 20% below pre-pandemic levels (September 2019). Broader labor market signals are softening: 📊 The LinkedIn Separation Rate (i.e. quits) and our Labor Market Tightness metric (jobs per applicant) each dropped 4% from August to September. 💡 These shifts suggest a cooling labor market heading into fall. Even with a slowing labor market, opportunities still exist. Knowing where to look is key: 📌 Compared with September 2024, hiring has held up best in Farming, Ranching, and Forestry (+2%), Technology, Information and Media (-3%), and Construction (-3%). 📌 Hiring matches or exceeds its 2016 pace in Construction, Utilities, Consumer Services, Education, Farming, Ranching, Forestry, and Health Care. 📌 Despite the slowdown, LinkedIn data points to a moderate payroll gain of +55K in September. For more data and insights, please see today's post from Kory Kantenga, Ph.D. https://lnkd.in/gH34RymJ