US hiring weakens as high-paying tech jobs move offshore

Core Insights - U.S. private payrolls unexpectedly declined by 32,000 in November, marking the sharpest drop in over two and a half years, primarily affecting small businesses which cut 120,000 roles due to higher trade costs and tariffs [1][3] - Despite the overall labor market softness, crypto hiring has surged, with job openings in the sector rising 47% year-on-year to approximately 66,000 new roles, indicating a strong demand for talent in this industry [4][5] Labor Market Trends - The labor market is experiencing a notable softness, with private employers reducing headcount in three of the past four months, the weakest stretch since the pandemic recovery [3] - Economists suggest that while the labor market is not "broken," it is clearly soft, influenced by tariffs increasing costs and AI reducing traditional middle-skill roles [3] Crypto Industry Dynamics - The crypto sector's resilience is attributed to three overlapping trends, with exchanges, infrastructure firms, and DeFi protocols accounting for nearly 70% of all industry jobs [4] - The global crypto workforce now stands at 1.6 million, with technical roles comprising over 50% of hiring, and salaries in North America ranging from $120,000 to $250,000, significantly higher than many traditional tech roles [5][6]