Fresh College Grads Spur Hiring Gains In U.S.

LinkedIn's June 2024 Workforce Report shows a modest increase in U.S. hiring driven by new graduates, with improvements in tech and most major cities.

Hiring increased modestly in the U.S. from April to May, reflecting the overall increase of new college graduates entering and reentering the labor market.

LinkedIn’s June 2024 Workforce Report reveals hiring climbed 3.2% nationally from April to May 2024. This marked the highest monthly growth of the year and the smallest annual decline since August 2022.

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The report, which collects data from over 214 million LinkedIn members to provide insights into hiring and migration trends nationwide, showed a range of industry-specific gains and losses.

Out of the 20 industries tracked by LinkedIn, 14 saw increases in hiring during this period. The Education sector led the climb with an 8.2% increase. This was followed closely by Oil, Gas, and Mining at 6.4%, and Government Administration at 6.2%.

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The Technology, Information, and Media sector also saw a notable 2.2% increase from April to May. LinkedIn’s data suggests this sector has not only improved its stability, but it also experienced a year-over-year growth of 1% — a first since May 2022.

The industries which saw the largest decreases were Holding Companies (-13.7%), Real Estate and Equipment Rental Services (-10.3%), and Wholesale (-7.4%).

Other month-over-month percentage decreases occurred in:

Administrative and Support Services: -3%
Consumer Services: -1.7%
Manufacturing: -0.4%

The data represents a job market that is being influenced by graduate talent, but industry-specific trends remain more prevalent in fields like technology where trends are showing positive signs of stabilization.

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The report also tracks employment trends across 20 of the largest U.S. metro areas. Geographically, hiring rates increased month-over-month in 18 of the 20 largest U.S. metro areas. Atlanta and the San Francisco Bay Area, both of which experienced month-over-month increases, also experienced positive year-over-year growth with 1.6% and 1.1% increases, respectively.

In terms of monthly hiring accelerations observed, notable increases occurred in Chicago (7.9%), Boston (7.8%), and Atlanta (7.7%). The only cities facing slight deceleration were St. Louis (-0.4%) and Phoenix (-0.6%).

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