Hiring slowdown begins to level out

With over 199 million LinkedIn members in the United States, we have unique insight into the real-time dynamics of Americans starting new #jobs and moving to new cities. This month’s #LinkedIn Workforce Report looks at our latest national data on #hiring and #migration trends through March 2023.

Hiring declines slowed last month after falling the most in nearly two years during February, a snapshot of LinkedIn data shows. New placements fell 0.6% in March after dropping 6.5% in the prior month — the most since April 2020. Hiring has now fallen for 11 straight months. Though the decline has moderated, according to LinkedIn Principal Economist Guy Berger, Ph.D., it's "continuing to add to the ongoing slowdown." Still, more industries increased hiring last month, with twice as many seeing gains as in February. Leading the increases across eight sectors were farming, ranching and forestry (+11.7%), utilities (5.8%) and oil, gas and mining (4.2%). LinkedIn's Hiring update, which is seasonally adjusted, looks at how many of its more than 199 million members in the U.S. switched employers during the previous month. ? Guy Berger, Ph.D. and Cate Chapman #hiring #linkedin #data https://lnkd.in/g_syebDe

Hiring declines slowed last month after falling the most in nearly two years during February, a snapshot of LinkedIn data shows. New placements fell 0.6% in March after dropping 6.5% in the prior month — the most since April 2020. Hiring has now fallen for 11 straight months. Though the decline has moderated, according to LinkedIn Principal Economist Guy Berger, Ph.D., it's "continuing to add to the ongoing slowdown." Still, more industries increased hiring last month, with twice as many seeing gains as in February. Leading the increases across eight sectors were farming, ranching and forestry (+11.7%), utilities (5.8%) and oil, gas and mining (4.2%). LinkedIn's Hiring update, which is seasonally adjusted, looks at how many of its more than 199 million members in the U.S. switched employers during the previous month. ? Guy Berger, Ph.D. and Cate Chapman #hiring #linkedin #data https://lnkd.in/g_syebDe

Hiring declines slowed last month after falling the most in nearly two years during February, a snapshot of LinkedIn data shows. New placements fell 0.6% in March after dropping 6.5% in the prior month — the most since April 2020. Hiring has now fallen for 11 straight months. Though the decline has moderated, according to LinkedIn Principal Economist Guy Berger, Ph.D., it's "continuing to add to the ongoing slowdown." Still, more industries increased hiring last month, with twice as many seeing gains as in February. Leading the increases across eight sectors were farming, ranching and forestry (+11.7%), utilities (5.8%) and oil, gas and mining (4.2%). LinkedIn's Hiring update, which is seasonally adjusted, looks at how many of its more than 199 million members in the U.S. switched employers during the previous month. ? Guy Berger, Ph.D. and Cate Chapman #hiring #linkedin #data https://lnkd.in/g_syebDe

Hiring declines slowed last month after falling the most in nearly two years during February, a snapshot of LinkedIn data shows. New placements fell 0.6% in March after dropping 6.5% in the prior month — the most since April 2020. Hiring has now fallen for 11 straight months. Though the decline has moderated, according to LinkedIn Principal Economist Guy Berger, Ph.D., it's "continuing to add to the ongoing slowdown." Still, more industries increased hiring last month, with twice as many seeing gains as in February. Leading the increases across eight sectors were farming, ranching and forestry (+11.7%), utilities (5.8%) and oil, gas and mining (4.2%). LinkedIn's Hiring update, which is seasonally adjusted, looks at how many of its more than 199 million members in the U.S. switched employers during the previous month. ? Guy Berger, Ph.D. and Cate Chapman #hiring #linkedin #data https://lnkd.in/g_syebDe

Hiring declines slowed last month after falling the most in nearly two years during February, a snapshot of LinkedIn data shows. New placements fell 0.6% in March after dropping 6.5% in the prior month — the most since April 2020. Hiring has now fallen for 11 straight months. Though the decline has moderated, according to LinkedIn Principal Economist Guy Berger, Ph.D., it's "continuing to add to the ongoing slowdown." Still, more industries increased hiring last month, with twice as many seeing gains as in February. Leading the increases across eight sectors were farming, ranching and forestry (+11.7%), utilities (5.8%) and oil, gas and mining (4.2%). LinkedIn's Hiring update, which is seasonally adjusted, looks at how many of its more than 199 million members in the U.S. switched employers during the previous month. ? Guy Berger, Ph.D. and Cate Chapman #hiring #linkedin #data https://lnkd.in/g_syebDe

Economists broadly expect the U.S. economy to weaken over the coming year, with the unemployment rate rising and hiring slowing. The chances of a recession are high. What such a downturn might look like remains to be seen. That's among the many key findings from our latest quarterly survey, as reported by Sarah Foster working with editor Amy S.. We have four stories at Bankrate about the collective and individual wisdom coming from some of the top experts in the field. These are challenging and complicated times, but our team does a great job distilling the challenges and opportunities involving personal finance and the economy. #economy #hiring #recession #money #interestrates #federalreserve #business #financial #economist #investing #GDP #employment #jobs #inflation #personalfinance https://lnkd.in/eUv8Tv2V..

February JOLTS US Labor Market Update The BLS released preliminary JOLTS data today for February 2023. Here are some takeaways from your friendly, neighborhood economist: 1. The # of seasonally adjusted job openings jumped down to 9.9M from 10.6M (revised downward from 10.8), which falls a bit below our downside expectations (10M) here at LinkedIn’s Economic Graph and likely falls well below most baseline expectations. Construction reversed its dramatic drop in openings from January. Transportation, Warehousing, and Utilities; Healthcare and Social Assistance; and Professional Services all saw fewer openings with no increase in hiring, meaning fewer job openings there do not just signal that positions were filled. Labor demand is likely slowed there as well. 2. The layoff rate ticked down slightly and continues to track below levels seen in 2019. The most notable acceleration in the layoff rate occurred in the tech-heavy Information sector where the level of layoffs is now 5x higher than it was in February 2022. 3. Overall, hiring and quit rates showed little change across regions and industries as expected. Both the hiring rate and quit rate looked to have stabilized now. Geographically, the hiring rate is now down substantially in the last year in every region except for the Midwest. The quit rate has also come down everywhere except for the South. The wild ride in the JOLTS job opening series continues. What is clear is that the South has both the highest number of openings and seen openings come down the least compared to other regions. So it should come as no surprise that Southern residents are still quitting and finding new opportunities even as momentum slows sizably in the north and out west. Also, rumors of the Midwest’s imminent demise may be greatly exaggerated (for now). Have you considered moving to the south? #linkedin #jobopenings #egdata

Signs of labor market cooling--in a healthy way-- in the JOLTS report as job openings were down a lot from their downwardly revised level. A contraction in total job openings is an indication that the Fed's tightening policy is starting to affect the labor market and, consequently, the economy. Despite cooling labor markets, it is still a job seeker's market in some industries, especially accommodation. More on this in Thursday's State of the Labor Market Newsletter. Stay tuned!