What’s Going On With The U.S. Job Market?

LinkedIn’s June 2024 Workforce report shows the national hiring rate in the U.S. has experienced only minor fluctuations so far in 2024 — reflecting a stabilizing job market despite economic uncertainties. 

Hiring across the workforce decreased nationally by 2.2% from May to June, according to LinkedIn. This is down 8.1% compared to the same period last year.  

Despite this year-over-year decline, the hiring pace for 2024 remains consistent. Reported June hiring levels match those from January. The minor fluctuations may also reflect a cautious optimism among several industries, many of which are maintaining a steady rate of hiring this year. 

Industry specific hiring gains tapered off in June. LinkedIn’s data reveals hiring increased in only three out of 20 industries from May to June, which reverses trends experienced across some industries from March to April. 

Industry specific hiring gains: 

• Real Estate and Equipment Rental Services: +4.1% 
• Transportation, Logistics, Supply Chain and Storage: +0.9% 
• Holding Companies: +0.6% 

Several U.S. industries continue to face challenges in maintaining workforce growth, and this is affecting overall job availability and career opportunities in those sectors. Industries like Farming, Ranching, Forestry, Administrative and Support Services, and Accommodation and Food Services saw notable declines in hiring, with reductions of 6.0%, 6.4%, and 8.3% respectively.  

After experiencing large layoffs last year, hiring in the Technology, Information, and Media industry shows that it has likely stabilized. Even though hiring fell –4.2% from May to June, the overall year-over-year change is +0.1%. 

Hiring trends across the 20 largest U.S. metro areas also reveal an overall decrease, with Minneapolis-St. Paul being the only major U.S. metro where hiring rates remained unchanged from May to June.  

Cities such as Washington, D.C., Phoenix, and Boston experienced the steepest declines, with decreases of 4.1%, 4.5%, and 8.9% respectively. These cities generally have higher costs of living, and this could be straining both employers and employees, making it more expensive to hire and retain talent. Atlanta shows a +1.0% year-over-year increase in hiring, which reflects the city’s status as a growing economic hub. 

LinkedIn’s analysis, driven by data from over 214 million U.S. members, captures the real-time dynamics of Americans starting new jobs and relocating. The minor fluctuations in the national hiring rate, along with consistent hiring levels from January to June 2024, suggest that the job market is stabilizing despite economic uncertainties. This stability can offer a sense of security to both job seekers and employers, allowing for more predictable workforce planning.