Last week brought news of the expected rate cut from the US Federal Reserve. While this was a welcomed headline, the impact on the labor market more broadly will take time. The sluggish hiring landscape continues to be the trend in our data at LinkedIn. In this month’s State of the Labor Market newsletter, we’ve taken a closer look at what the ongoing global slowdown means for hiring as well as competition amongst job seekers. As workers across the globe navigate the ongoing changes in the world of work driven by both long and short term macroeconomic shifts, we’re seeing a few things happen: -The share of job transitions among members has declined across the globe year-over-year since late 2022 with a median decline of 13%. -Job seeking activity across the globe is on the rise, which has coincided with a decline in job postings, leading to increased competition between job seekers. More specifically, we’ve observed an increase in the average number of active applicants for a single job posting on LinkedIn across several major markets with the exception of France. -Industries across the board are increasingly competitive. However, there are notable differences in the size of the increase. For example, Construction, Retail, Healthcare and Manufacturing have seen some of the smaller increases in the average number of active applicants per job on LinkedIn. Overall, across the globe, the ongoing hiring slowdown continues. However, growth prospects point to better days for the labor market next year. How quickly this will actually materialize remains to be seen. #SOTLM #jobcompetition
Karin Kimbrough’s Post
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2mo...but let's not get too excited yet! https://thehill.com/opinion/finance/4888872-fed-rate-cut-little-impact/