LinkedIn has around 20 million open job offers and well over 200 million monthly active users. This makes it a reliable source of data about the labor market. The LinkedIn Economic Graph group publishes regular reports and articles. Recently, they've been following the drop in hiring due to the COVID-19 outbreak. Overall the news is as negative as you'd expect, but recently, hiring has picked up sharply in China, giving other struggling economies some hope.
Hiring in China fell to a low of 45% below what it was at this time last year. in Italy, hiring fell to 46% below last year's levels. Some countries have fared better. LinkedIn published statistics about Australia yesterday, which showed a drop of only 3% in hiring there. These numbers could still change drastically as the pandemic progresses, but it's clear that there is no set number that every country can expect.
The data also varies by industry. In Australia, education hiring dropped by over 25% while software and IT saw a bump up of 17%. Large stimulus packages, like the one being prepared in the US, will also likely become more common. Such enormous spending packages are sure to affect the employment market in the coming weeks and months, but nobody dares to predict exactly what those effects will be.
China also spent massively to reduce the impact of COVID-19. Although it's impossible to create a direct link of cause and effect, it is promising to see that hiring in China has already rebounded from 45% to 24% less than last year. While not ideal, the trend is in the right direction, according to LinkedIn's analyses. It may be of little comfort now, but that kind of upward trend in the coming months would be welcome news in depressed job markets all around the world.
Read the full analysis for Australia and Europe, the two most recent, and follow #linkedineconomicgraph on LinkedIn for their latest analyses.