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October hiring rate down 24% from pre-pandemic levels, according to LinkedIn jobs report
11/6/2025, 10:18:18 PM
Economic Summary
- LinkedIn's October jobs report shows a 6% year-over-year decline in hiring and a hiring rate about 24% below pre-pandemic, indicating a slower-than-normal labor market (data comes from LinkedIn's platform, part of Microsoft’s product set).
- Month-to-month metrics were stable: hiring and quits in October looked similar to September, and the ratio of jobs available to job seekers on LinkedIn held roughly constant, implying a slow but steady labor market.
- Labor-market outcomes diverge by education: entry-level workers with a bachelor's degree track the overall market, while those with advanced degrees (MBAs, JDs) are underperforming relative to the average job seeker.
- The underperformance of advanced-degree holders is concentrated in industries—technology, media, legal, accounting, consulting, and financial services—that have slowed most since interest-rate increases, causing disproportionate impacts.
- Because LinkedIn skews white-collar and provides timely private-sector hiring data, its monthly report serves as a useful complement to slower government labor statistics.
Bullish
- Month-to-month hiring and quits were stable in October, suggesting labor-market resilience.
- Bachelor's-level entry roles are tracking the overall market, supporting demand for entry hiring.
- LinkedIn’s steady jobs-per-seeker ratio implies continued user engagement and platform relevance.
Bearish
- LinkedIn hiring is 24% below pre-pandemic levels, signaling structural labor weakness.
- Advanced-degree holders (MBAs, JDs) face disproportionate job losses in hit industries.
- Sustained slow hiring could pressure LinkedIn recruiting and advertising revenue tied to MSFT.
Bullish tickers
MSFT
Bearish tickers
MSFT
MSFT
Bullish
Stable month-to-month hiring, quits, and jobs-per-seeker on LinkedIn suggest durable user engagement that supports Microsoft’s services and ad/recruiting businesses.
Bearish
LinkedIn hiring down 6% YoY and ~24% below pre-pandemic could weaken LinkedIn recruiting/ads and pressure Microsoft revenue tied to the product.
People mentioned
Corey Kentenga