LinkedIn Workforce Report | United States | September 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 August 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
- No relief from summer hiring slowdown: Nationally, across all industries, hiring decelerated by 1.5% from July to August and decreased 9.5% compared to August 2023. The pace of hiring this year has slowed (-5.0%) since May as we continue to see indicators suggesting labor market deterioration this summer. We suspect that at least some of this deterioration is due to impact from past interest rate hikes.
- Industry hiring slowed broadly in August: Hiring decreased in 17 out of 20 industries from July to August, reflecting a broad deceleration in hiring across industries. The industries with the strongest month-over-month acceleration in August were Financial Services (+1.7%); Education (+1.1%); and Consumer Services (+0.2%). Hiring decelerated the most month-over-month in Oil, Gas, and Mining (-5.7%), Real Estate and Equipment Rental Services (-5.1%) and Transportation, Logistics, Supply Chain and Storage (-5.1%). For the third consecutive month since July, the Technology, Information, and Media industry remains the only industry where hiring has increased year-over-year (+1.8%) compared to August 2023. While the overall hiring rate has decelerated 2.8% since January, hiring in this industry has accelerated by 2.0% since January.
Hiring gains balanced across major metros: Hiring increased in 11 out of 20 metro areas we track from July to August. Tech hubs, San Francisco (+4.6%) and Austin (+3.7%), saw the largest accelerations in hiring from July to August followed by Washington, D.C. (+2.1%). Minneapolis-St. Paul (-4.2%), Phoenix (-4.1%), and Miami-Ft. Lauderdale (-2.5%) saw the largest deceleration in hiring from July to August. For the third consecutive month since July, only hiring in Atlanta remains up year-over-year (+0.7%).
Hiring
The LinkedIn hiring rate is a measure of hires divided by LinkedIn membership. Nationally, across all industries, hiring in the U.S. was 1.5% lower in August 2024 compared to last month July 2024. National hiring was 9.5% lower in August 2024 compared to last year August 2023.
The industries with the most notable hiring shifts month-to-month in August 2024 were Financial Services (1.7% higher); Education (1.1% higher); and Consumer Services (0.2% higher).
Table 1: Hiring on LinkedIn, by Industry, through August 2024
Industry | Aug-23 | ··· | May-24 | Jun-24 | Jul-24 | Aug-24 | MoM% Change | YoY% Change |
Accommodation and Food Services | 0.97 | ··· | 0.97 | 0.87 | 0.90 | 0.86 | -4.9 | -11.9 |
Administrative and Support Services | 0.91 | ··· | 0.84 | 0.78 | 0.82 | 0.79 | -2.7 | -13 |
Construction | 1.23 | ··· | 1.22 | 1.19 | 1.15 | 1.12 | -2.2 | -8.7 |
Consumer Services | 1.13 | ··· | 1.14 | 1.08 | 1.11 | 1.12 | +0.2 | -1.1 |
Education | 1.21 | ··· | 1.22 | 1.13 | 1.09 | 1.10 | +1.1 | -8.9 |
Entertainment Providers | 0.94 | ··· | 0.93 | 0.90 | 0.89 | 0.88 | -1.9 | -7.2 |
Farming, Ranching, Forestry | 1.15 | ··· | 1.11 | 1.03 | 0.99 | 0.94 | -5.1 | -18.8 |
Financial Services | 1.00 | ··· | 1.01 | 0.95 | 0.92 | 0.93 | +1.7 | -6.4 |
Government Administration | 1.15 | ··· | 1.14 | 1.07 | 1.04 | 1.02 | -1.3 | -11 |
Holding Companies | 0.73 | ··· | 0.75 | 0.77 | 0.79 | 0.69 | -13 | -6 |
Hospitals and Health Care | 1.17 | ··· | 1.14 | 1.08 | 1.06 | 1.06 | -0.7 | -9.6 |
Manufacturing | 0.97 | ··· | 0.90 | 0.89 | 0.87 | 0.83 | -3.6 | -13.8 |
Oil, Gas, and Mining | 0.96 | ··· | 0.91 | 0.87 | 0.85 | 0.81 | -5.7 | -16.3 |
Professional Services | 0.92 | ··· | 0.92 | 0.88 | 0.85 | 0.84 | -1.2 | -8.7 |
Real Estate and Equipment Rental Services | 1.04 | ··· | 0.86 | 0.90 | 0.91 | 0.86 | -5.1 | -17.1 |
Retail | 0.83 | ··· | 0.81 | 0.76 | 0.78 | 0.78 | -1.1 | -6.2 |
Technology, Information and Media | 0.82 | ··· | 0.87 | 0.84 | 0.86 | 0.83 | -3.1 | +1.8 |
Transportation, Logistics, Supply Chain and Storage | 1.16 | ··· | 1.02 | 1.02 | 1.01 | 0.96 | -5.1 | -17.3 |
Utilities | 1.30 | ··· | 1.16 | 1.17 | 1.15 | 1.11 | -4.2 | -14.8 |
Wholesale | 0.87 | ··· | 0.77 | 0.75 | 0.77 | 0.76 | -0.5 | -12.8 |
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.
