LinkedIn Workforce Report | United States | October 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 September 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 takeaways:
- Summer slowdown ends with a solid hiring rebound: Nationally, across all industries, hiring accelerated by 3.8% from August to September and decreased 6.3% compared to September 2023. This month-over-month hiring surge drove solid nonfarm payroll employment growth seen in the Bureau of Labor Statistics’ October jobs report. Despite the rebound, hiring in September remained slower (-1.4%) than May as September’s surge was not enough to reverse the labor market deterioration seen this summer.
- Broad Industry hiring gains in September: Hiring increased in all 20 industries from August to September, reflecting a broad acceleration in hiring across industries. The industries with the strongest month-over-month acceleration in September were Oil, Gas, and Mining (+11.4%), Accommodation and Food Services (+8.8%), Transportation, Logistics, Supply Chain, and Storage (+7.2%). Hiring accelerated the least month-over-month in Utilities (+1.8%), Hospitals and Health Care (+1.3%), Construction (+0.9%). However, hiring in Utilities, Hospitals and Health Care, and Construction all remain around 2018 levels and thus these industries have less room to rebound. Again, the pace of hiring in the Technology, Information, and Media industry remained up year-over-year.
Hiring gains broadened across major metros: Hiring increased in 18 out of 20 metro areas we track from August to September. Phoenix (+9.2%), Houston (+7.1%), and Miami-Fort Lauderdale (+5.4%) saw the largest accelerations in hiring from August to September. Philadelphia (+0.1%), Detroit (-1.7%), and St. Louis (-2.4%) saw the weakest change in hiring from August to September. For the third consecutive month, hiring in Atlanta remained up year-over-year (+2.7%).
Hiring
The LinkedIn hiring rate is a measure of hires divided by LinkedIn membership. Nationally, across all industries, hiring in the U.S. was 3.8% higher in September 2024 compared to last month August 2024. National hiring was 6.3% lower in September 2024 compared to last year September 2023.
SEASONALLY ADJUSTED HIRING
The industries with the most notable hiring shifts month-to-month in September 2024 were Oil, Gas, and Mining (11.4% higher); Accommodation and Food Services (8.8% higher); and Holding Companies (8.5% higher).
Table 1: Hiring on LinkedIn, by Industry, through September 2024
Industry | Sep-23 | ··· | Jun-24 | Jul-24 | Aug-24 | Sep-24 | MoM% Change | YoY% Change |
Accommodation and Food Services | 0.99 | ··· | 0.87 | 0.90 | 0.86 | 0.93 | +8.8 | -5.7 |
Administrative and Support Services | 0.94 | ··· | 0.78 | 0.82 | 0.79 | 0.83 | +4.1 | -12.3 |
Construction | 1.24 | ··· | 1.19 | 1.15 | 1.12 | 1.13 | +0.9 | -8.8 |
Consumer Services | 1.17 | ··· | 1.08 | 1.11 | 1.12 | 1.19 | +6.7 | +1.8 |
Education | 1.22 | ··· | 1.13 | 1.09 | 1.10 | 1.15 | +4.6 | -5.3 |
Entertainment Providers | 0.96 | ··· | 0.90 | 0.89 | 0.88 | 0.91 | +4.1 | -5.3 |
Farming, Ranching, Forestry | 1.17 | ··· | 1.03 | 0.99 | 0.94 | 0.97 | +4.1 | -16.8 |
Financial Services | 1.01 | ··· | 0.95 | 0.92 | 0.93 | 0.99 | +5.8 | -2.8 |
Government Administration | 1.18 | ··· | 1.07 | 1.04 | 1.02 | 1.05 | +2.8 | -10.6 |
Holding Companies | 0.80 | ··· | 0.77 | 0.79 | 0.69 | 0.74 | +8.5 | -6.5 |
Hospitals and Health Care | 1.17 | ··· | 1.08 | 1.06 | 1.06 | 1.07 | +1.3 | -8.4 |
Manufacturing | 0.97 | ··· | 0.89 | 0.87 | 0.83 | 0.85 | +2.4 | -12.1 |
Oil, Gas, and Mining | 0.94 | ··· | 0.87 | 0.85 | 0.81 | 0.90 | +11.4 | -4.3 |
Professional Services | 0.93 | ··· | 0.88 | 0.85 | 0.84 | 0.87 | +3.7 | -6.7 |
Real Estate and Equipment Rental Services | 1.04 | ··· | 0.90 | 0.91 | 0.86 | 0.91 | +6.5 | -11.8 |
Retail | 0.84 | ··· | 0.76 | 0.78 | 0.78 | 0.79 | +2.3 | -5.4 |
Technology, Information and Media | 0.85 | ··· | 0.84 | 0.86 | 0.83 | 0.86 | +3.1 | +1.3 |
Transportation, Logistics, Supply Chain and Storage | 1.15 | ··· | 1.02 | 1.01 | 0.96 | 1.02 | +7.2 | -10.6 |
Utilities | 1.29 | ··· | 1.17 | 1.15 | 1.11 | 1.13 | +1.8 | -12.6 |
Wholesale | 0.92 | ··· | 0.75 | 0.77 | 0.76 | 0.81 | +6.3 | -12.1 |
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.
