LinkedIn Workforce Report | United States | August 2024
With over 214 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 July 2024.
For more insight into localized employment trends in 20 of the largest U.S. metro areas, check out this month’s reports for: Atlanta, Austin, Boston, Chicago, Cleveland-Akron, Dallas-Ft. Worth, Denver, Detroit, Houston, Los Angeles, Miami-Ft. Lauderdale, Minneapolis-St. Paul, Nashville, New York City, Philadelphia, Phoenix, San Francisco Bay Area, Seattle, St. Louis, and Washington, D.C.
Our vision is to create economic opportunity for every member of the global workforce. Whether you’re a worker, an employer, a new grad, or a policymaker, we hope you’ll use these insights to better understand and navigate the dynamics of today’s economy.
Key Insights
- Summer hiring continues to slow: Nationally, across all industries, hiring decelerated by 0.8% from June to July and decreased 7.9% compared to July 2023. The pace of hiring this year had been effectively steady through May but now sits slightly below its January 2024 level (-1.3%). As we have also seen in recent data from the Bureau of Labor Statistics, the pace of hiring has slowed this summer after some signs of stabilization earlier in the year.
- Industry hiring gains rebalance in July: Hiring increased in 8 out of 20 industries from June to July, rebalancing June’s broad deceleration in hiring across industries. The industries with the strongest month-over-month acceleration in July were Administrative and Support Services (+4.6%); Accommodation and Food Services (+3.3%); and Consumer Services (+3.0%). Hiring decelerated the most month-over-month in Farming, Ranching, Forestry (-4.2%), Education (-3.9%) and Professional Services (-3.8%). The Technology, Information, and Media industry continues to stabilize with hiring accelerating 7.2% from July 2023 to July 2024, while the overall hiring rate has decelerated 7.9% over this period.
No hiring gains across major metros for second consecutive month: While the pace of hiring accelerated slightly (+0.1%) from June to July for Dallas-Ft. Worth, the other 19 of 20 metro areas we track saw hiring slow from June to July. Only hiring in Atlanta remains up year-over-year (+1.1%). The cities with the largest hiring decelerations from June to July were San Francisco Bay Area (-4.5%), Cleveland (-5.1%), and Houston (-8.4%).
Hiring
The LinkedIn hiring rate is a measure of hires divided by LinkedIn membership. Nationally, across all industries, hiring in the U.S. was 0.8% lower in July 2024 compared to last month June 2024. National hiring was 7.9% lower in July 2024 compared to last year July 2023.
The industries with the most notable hiring shifts month-to-month in July 2024 were Administrative and Support Services (4.6% higher); Accommodation and Food Services (3.3% higher); and Consumer Services (3% higher).
Table 1: Hiring on LinkedIn, by Industry, through July 2024
Industry | Jul-23 | ··· | Apr-24 | May-24 | Jun-24 | Jul-24 | MoM% Change | YoY% Change |
Accommodation and Food Services | 0.97 | ··· | 0.94 | 0.97 | 0.87 | 0.90 | +3.3 | -7 |
Administrative and Support Services | 0.93 | ··· | 0.87 | 0.84 | 0.78 | 0.82 | +4.6 | -12.4 |
Construction | 1.21 | ··· | 1.17 | 1.22 | 1.19 | 1.15 | -3.5 | -5.2 |
Consumer Services | 1.12 | ··· | 1.19 | 1.14 | 1.08 | 1.11 | +3 | -0.7 |
Education | 1.20 | ··· | 1.16 | 1.22 | 1.13 | 1.09 | -3.9 | -8.7 |
Entertainment Providers | 0.95 | ··· | 0.91 | 0.93 | 0.90 | 0.89 | -0.4 | -5.9 |
Farming, Ranching, Forestry | 1.14 | ··· | 1.10 | 1.11 | 1.03 | 0.99 | -4.2 | -13.8 |
Financial Services | 1.04 | ··· | 0.97 | 1.01 | 0.95 | 0.92 | -3.7 | -11.7 |
Government Administration | 1.19 | ··· | 1.08 | 1.14 | 1.07 | 1.04 | -3.4 | -12.7 |
Holding Companies | 0.84 | ··· | 0.87 | 0.75 | 0.77 | 0.79 | +2.5 | -6.6 |
Hospitals and Health Care | 1.19 | ··· | 1.10 | 1.14 | 1.08 | 1.06 | -1.6 | -10.2 |
Manufacturing | 0.99 | ··· | 0.91 | 0.90 | 0.89 | 0.87 | -2.2 | -12.3 |
Oil, Gas, and Mining | 1.01 | ··· | 0.87 | 0.91 | 0.87 | 0.85 | -1.8 | -15.3 |
Professional Services | 0.91 | ··· | 0.87 | 0.92 | 0.88 | 0.85 | -3.8 | -6.8 |
Real Estate and Equipment Rental Services | 1.07 | ··· | 0.96 | 0.86 | 0.90 | 0.91 | +0.9 | -15.5 |
Retail | 0.85 | ··· | 0.82 | 0.81 | 0.76 | 0.78 | +2.7 | -7.4 |
Technology, Information and Media | 0.80 | ··· | 0.86 | 0.87 | 0.84 | 0.86 | +2.8 | +7.2 |
Transportation, Logistics, Supply Chain and Storage | 1.15 | ··· | 1.01 | 1.02 | 1.02 | 1.01 | -1.2 | -12.4 |
Utilities | 1.35 | ··· | 1.16 | 1.16 | 1.17 | 1.15 | -1.3 | -14.7 |
Wholesale | 0.93 | ··· | 0.84 | 0.77 | 0.75 | 0.77 | +1.9 | -17.4 |
Methodology: “Hiring Rate” is the count of hires (LinkedIn members in each industry who added a new employer to their profile in the same month the new job began), divided by the total number of LinkedIn members in the U.S. By only analyzing the timeliest data, we can make accurate month-to-month comparisons and account for any potential lags in members updating their profiles. This number is indexed to the average month in 2016 for each industry; for example, an index of 1.05 indicates a hiring rate that is 5% higher than the average month in 2016.
Check out our reports for Atlanta, Austin, Boston, Chicago, Cleveland-Akron, Dallas-Ft. Worth, Denver, Detroit, Houston, Los Angeles, Miami-Ft. Lauderdale, Minneapolis-St. Paul, Nashville, New York City, Philadelphia, Phoenix, San Francisco Bay Area, Seattle, St. Louis, and Washington, D.C., to see which jobs are open.
