LinkedIn is out with its monthly jobs report showing a 6% year-over-year drop in hiring in October, down more than 24% from pre- pandemic. For more on the numbers, let's bring in LinkedIn's head of economics for the Americas, Corey Kenta. Corey, we got this challenger report earlier uh pointing to the number of layoffs.That combined with what you're seeing suggests to me a labor market that's perhaps showing some weakness that the markets overall are not. >> Well, the jobs report that we're seeing right now ...

Core Insights - The absence of official labor data due to the government shutdown has created uncertainty in the market, with private reports indicating a gradual deceleration in the labor market [1][5]. Labor Market Indicators - The ADP National Employment Report for September indicated a decline of 32,000 jobs, marking one of the weakest readings since the pandemic, released just as the government shutdown began [2]. - Revelio Labs' Public Labor Statistics reported a modest gain of 60,000 nonfarm jobs for September, while Indeed's job postings showed a sharp decline throughout the year, reinforcing the narrative of a cooling labor market [3]. - The Challenger Job Cuts Report revealed that 948,000 job cuts have been announced this year, the highest year-to-date total since 2020, with 299,000 cuts from the government sector [4]. Hiring Trends - Employers have announced plans to hire only 205,000 workers this year, the lowest year-to-date hiring figure since 2009, indicating a stagnant labor market [4]. - The combination of these private data sources suggests a weakening labor market, with hiring activity at some of the lowest levels seen since 2009 [5]. Implications for Monetary Policy - For the Federal Open Market Committee (FOMC), these figures provide justification for potential rate cuts to support employment, although this stance may change if inflation accelerates unexpectedly [5].

That marks a stagnation or even reversal of private job growth, the latest sign of a labor market slowdown through 2025. Traders increased bets on two more interest rate cuts from the Federal Reserve this year. ...