LinkedIn Workforce Report | United States | November 2024
With over 225 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 October 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:
- Strikes and weather events weaken October job market: Nationally, across all industries, hiring decelerated by 5.4% from September to October and decreased 8.5% compared to October 2023. This hiring drop off mirrors weak nonfarm payroll employment growth seen in the Bureau of Labor Statistics’ October jobs report. The hiring slowdown in October could be in part due to nationwide strikes and major weather events; however, the hiring slowdown occurred across several industries.
- Broad industry hiring slowdown in October: Hiring decreased in all 20 industries from September to October, reversing broad gains in September. The industries with the strongest month-over-month performance in September were Hospitals and Health Care (-1.7%), Retail (-1.7%), and Education (-1.8%). Hiring decelerated the most month-over-month in Accommodation and Food Services (-7.4%), Administrative and Support Services (-7.9%), and Wholesale (-8.6%). The pace of hiring in the Technology, Information, and Media industry slowed from September to October but remains the strongest year-over-year (-1.2%).
Hiring slowed across all major metros: Hiring slowed in all 20 metro areas we track from September to October. Philadelphia (-1.1%), Detroit (-1.2%), and Chicago (-3.5%) had the strongest month-over-month performance. Miami-Fort Lauderdale (-9.9%), Minneapolis-St. Paul (-8.6%), and Atlanta (-8.2%) saw the largest slowdowns in hiring from September to October. Hiring is down year-over-year across all metros in October.
Hiring
The LinkedIn hiring rate is a measure of hires divided by LinkedIn membership. Nationally, across all industries, hiring in the U.S. was 5.4% lower in October 2024 compared to last month September 2024. National hiring was 8.5% lower in October 2024 compared to last year October 2023.
SEASONALLY ADJUSTED HIRING
The industries with the most notable hiring shifts month-to-month in October 2024 were Hospitals and Health Care (1.7% lower); Retail (1.7% lower); and Education (1.8% lower).
Table 1: Hiring on LinkedIn, by Industry, through October 2024
Industry | Oct-23 | ··· | Jul-24 | Aug-24 | Sep-24 | Oct-24 | MoM% Change | YoY% Change |
Accommodation and Food Services | 0.99 | ··· | 0.90 | 0.86 | 0.93 | 0.86 | -7.4 | -12.8 |
Administrative and Support Services | 0.96 | ··· | 0.82 | 0.79 | 0.83 | 0.76 | -7.9 | -21 |
Construction | 1.24 | ··· | 1.15 | 1.12 | 1.13 | 1.08 | -4.6 | -12.7 |
Consumer Services | 1.18 | ··· | 1.11 | 1.12 | 1.19 | 1.15 | -3.8 | -2.6 |
Education | 1.17 | ··· | 1.09 | 1.10 | 1.15 | 1.13 | -1.8 | -3.6 |
Entertainment Providers | 0.93 | ··· | 0.89 | 0.88 | 0.91 | 0.87 | -5 | -7.3 |
Farming, Ranching, Forestry | 1.13 | ··· | 0.99 | 0.94 | 0.97 | 0.93 | -4.5 | -17.6 |
Financial Services | 0.99 | ··· | 0.92 | 0.93 | 0.99 | 0.96 | -2.8 | -2.9 |
Government Administration | 1.15 | ··· | 1.04 | 1.02 | 1.05 | 1.02 | -2.8 | -11.3 |
Holding Companies | 0.83 | ··· | 0.79 | 0.69 | 0.74 | 0.72 | -3.5 | -13.2 |
Hospitals and Health Care | 1.16 | ··· | 1.06 | 1.06 | 1.07 | 1.05 | -1.7 | -9.3 |
Manufacturing | 0.96 | ··· | 0.87 | 0.83 | 0.85 | 0.81 | -5.2 | -15.9 |
Oil, Gas, and Mining | 0.96 | ··· | 0.85 | 0.81 | 0.90 | 0.86 | -4.2 | -10.2 |
Professional Services | 0.91 | ··· | 0.85 | 0.84 | 0.87 | 0.84 | -3.2 | -7.8 |
Real Estate and Equipment Rental Services | 1.03 | ··· | 0.91 | 0.86 | 0.91 | 0.86 | -6.2 | -16.7 |
Retail | 0.83 | ··· | 0.78 | 0.78 | 0.79 | 0.78 | -1.7 | -5.7 |
Technology, Information and Media | 0.84 | ··· | 0.86 | 0.83 | 0.86 | 0.83 | -3.1 | -1.2 |
Transportation, Logistics, Supply Chain and Storage | 1.10 | ··· | 1.01 | 0.96 | 1.02 | 0.97 | -5.7 | -12 |
Utilities | 1.24 | ··· | 1.15 | 1.11 | 1.13 | 1.10 | -2.5 | -11.3 |
Wholesale | 0.90 | ··· | 0.77 | 0.76 | 0.81 | 0.74 | -8.6 | -18 |
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.
