On Thursday, CNN and the Washington Post announced job layoffs. These media job losses are on top of the recent massive tech sector layoffs. But now the numbers show that job prospects are getting more fraught as this energy- and inflation-spurred recession, or whatever the Left insists we call it, persists.
A new survey of job data shows that there’s been a contraction in hiring among various economic sectors as employers get the message that Joe Biden’s economic crack-up will put a big hurt on the economy into 2025.
Government triggered-inflation is being made worse by an energy shortage of the White House’s own making, which is causing the contraction in the job markets across 17 of 20 sectors.
Knowing where the blame lies is useful, but complaints won’t buy milk, formula, or diapers at the store. I mean, if you can find the formula.
The meltdown appears to be a version of the 2008 economic meltdown, and the economic captains of the U.S.S. Spendthrift still don’t have their hands on the tiller.
LinkedIn reports that hiring overall — even during the ramp-up to seasonal Christmas hiring — fell significantly month over month. Look at that year-over-year stat, too.
Hiring across the U.S. fell 4.9% in November from October, LinkedIn’s Workforce Report shows — and was down 20.5% from a year earlier. The drop, the third straight monthly decline, likely marks the start of a “meaningful” slowdown in new placements, LinkedIn Principal Economist Guy Berger says. The technology, information and media sector saw the steepest decline, with hiring contracting by 14.6% from October.
Even the free state of Florida is feeling the pangs, even though more people are heading there than any other state.
Each of the 20 metros tracked by LinkedIn also showed slowdowns: Miami/Fort Lauderdale, one of the hottest job markets of 2021, saw an 8.1% drop in new placements.
LinkedIn’s Principal Economist, Guy Berger, says that companies in Texas have also begun to freeze hiring, going back to more historical levels.
It’s also interesting to look at the metro area rankings which have changed quite a bit. A lot of places that benefited from the 2021 hiring boom are not as high at this point – Austin, Miami. Mean reversion!
LinkedIn reports that current hiring is “11.8% below pre-COVID hiring levels (February 2020).” And based on those hiring levels, “it appears we are seeing the U.S. labor market beginning to slow in a more meaningful way.” Indeed, 17 of 20 sectors have reported declines in hiring.
These numbers are based on LinkedIn’s 191 million members.
Stay alert because we’ve got some serious headwinds coming, and this economy could be a very bumpy ride.