CNN and the Washington Post announced their latest round of layoffs on Thursday, as the tech sector continues to struggle. The rising cost of energy and inflation are also contributing to the decline in job prospects.
A survey revealed that businesses are struggling due to Joe Biden's policies. The decline in hiring has been seen in various sectors. The rising cost of energy is one of the factors contributing to the decline in job opportunities. Although it's possible to blame the president's policies for the decline in hiring, most people won't buy diapers, milk, or formula.
The current economic situation is similar to the one that occurred in 2008 due to the lack of skills needed by the country's leaders to manage the situation.
LinkedIn reported that its hiring during the holiday season decreased significantly. The company also noted that year-over-year hiring dropped.
In its November Workforce Report, LinkedIn noted that the country's hiring fell 4.9% from October and was 20.5% lower than the same period last year. Guy Berger, its principal economist, said the decline in new placements suggests that the pace of hiring is starting to slow down. The information, media, and technology sectors experienced the biggest drop in hiring, with a 14.6% decrease.
Even the free state of Florida is feeling the pangs, even though more people are heading there than any other state. According to the company, the slowdown in hiring can be seen in different areas across the country. For example, the Fort Lauderdale/Miami area experienced a 8.1% decrease in the number of new placements.
According to Guy Berger, the principal economist of LinkedIn, companies in Texas have started to reduce their hiring.
It's interesting to see how the rankings of metro areas have changed. Places such as Austin and Miami that were heavily affected by the hiring boom in 2021 are no longer as high as they were then.
The professional networking site noted that the current hiring rate is around 11.8% below the levels that were reached in February 2020. It also noted that the labor market is slowing down in a more significant manner, and 17 of the country's 20 major industries have reported a decrease in hiring.
The numbers used by LinkedIn were based on the company's 191 million members. Given the current economic situation, it's important to stay informed.
The preceding is a summary of an article that originally appeared on PJ MEDIA.
