LinkedIn Workforce Report: Hiring Is At The Highest Rate Since The Pandemic Started
Guy Berger, principal economist at LinkedIn, the largest social media network for job career-minded people, writes a must-read monthly report on the job market. The LinkedIn Workforce Report offers profound insights into the number of people hired, the hottest sectors for job growth,and where people are relocating to find better jobs and lifestyles.
The United States Department of Labor comes out with its monthly jobs report on Friday. If the results are anything close to LinkedIn’s Workforce Report, it will be a wonderful holiday present, as the job market is doing phenomenally well with a record-setting amount of new jobs created.
It’s almost hard to believe that less than two years ago, we were mired in the worst job market in modern history. Unemployment was at a frighteningly high level and the morale of the country was moribund. On a nearly daily basis, we’d read about large-scale firings and furloughs.
We’ve come a long way. The rate of hiring is the best it’s been since LinkedIn started recording the data in 2015. Instead of hearing about layoffs, businesses are saying that they can’t find enough workers to meet their needs.
From worry about holding onto a job during the early dark days of the pandemic, the Great Resignation trend emerged. Millions of Americans quit their jobs to get away from bad bosses, long hours and lousy pay, in pursuit of better opportunities. Not only are people searching for new roles—with over 10 million jobs available—they demand competitive compensation, remote, hybrid or flexible work choices and positions that provide a sense of purpose and fulfillment.
Here are some of the highlights of the glowing report
- November emerged as the strongest hiring month since 2015.
- Nationally, across all industries, hiring in the U.S. was 7.4% higher in November 2021 compared to last month.
- National hiring also jumped 5.7% above pre-Covid-19 (February 2020) levels—the highest rate we’ve seen not only since the pandemic started, but since LinkedIn began tracking hiring rates in early 2015.
- Surging hiring rates reflect the current tightness in the labor market, with job openings plentiful and workers feeling more confident to switch roles, in search of better wages and career growth.
Education, arts and manufacturing see biggest monthly gains
- The industries with the most notable hiring shifts month-to-month in November were education (13.5% higher), arts (12.9% higher) and manufacturing (12.6% higher).
- In November, 21 out of 24 industries exceeded their pre-Covid-19 hiring levels—the highest we’ve seen since the start of the pandemic and well above last month’s 14 industries exceeding pre-Covid-19 hiring levels.
- The only industries hiring below pre-Covid-19 levels were energy and mining (5.8% lower), entertainment (2.9% lower) and public safety (0.5% lower).
San Francisco lagging behind in hiring recovery
- Nineteen of the 20 metro areas LinkedIn tracks were hiring above pre-Covid-19 levels—the most we’ve seen since the pandemic started.
- The metro areas experiencing the strongest hiring rates relative to pre-Covid-19 levels were Austin (18.2% higher), Miami (15.7% higher) and Cleveland (14.8% higher). San Francisco was the only metro area that LinkedIn tracks with hiring still lagging behind pre-Covid-19 levels (0.7% lower).
- The U.S. cities losing the most people are State College-DuBois, PA; College Station-Bryan, TX and Tuscaloosa, AL. For every 10,000 LinkedIn members in State College-DuBois, PA, 218 left in the past 12 months.
- The U.S. cities gaining the most people are Austin, TX; North Port-Sarasota, FL and Nashville, TN. For every 10,000 LinkedIn members in Austin, TX, 141 arrived in the last 12 months.
Hopefully, November’s jobs report echoes LinkedIn’s findings. The significant increase in new jobs is great news going into the holiday season. It’s a sign, despite the emergence of the Omicron variant, that the U.S. is coming back strong. As more people find jobs, the economy will improve. People will feel more comfortable going out to restaurants, concerts, sporting events and traveling. These activities put money into the economy, stimulating growth and creating a need for even more new jobs.
Of course, we can run into challenges. The Omicron variant could turn out to be problematic, and there could be a Black Swan event on the horizon. However, for now, things look positive and we have made great strides since the early outbreak of the virus.
For more updates check below links and stay updated with News AKMI.
Education News || Tech News || Automotive News || Science News || Lifetime Fitness || Sports News || Giant Bikes