October Hiring Rate Down 24% From Pre-Pandemic Levels: LinkedIn Jobs Report

October Hiring Trends

• 📉 LinkedIn's October jobs report indicates a 6% year-over-year drop in hiring.
• ⚠️ The hiring rate is more than 24% below pre-pandemic levels.
• 📊 Hiring and quits remained stable compared to September, with no significant October surprise.

Job Market Stability

• ⚖️ The number of available jobs relative to job seekers on LinkedIn has remained fairly stable.
• 🚶 The job market is running slow but shows overall stability due to minimal changes throughout the year.

Impact on College Graduates

• 🎓 College graduates with bachelor's degrees in entry-level roles are tracking with the overall labor market.
• 📉 Conversely, individuals with advanced degrees (MBAs, JDs) are performing worse than the general job market.

Industries Affected by Slowdown

• 🏢 Industries like technology, media, legal, accounting, consulting, and financial services have slowed down significantly.
• 📈 These sectors have been disproportionately impacted by the labor market slowdown, especially since interest rates began to rise.