00:00In one word, how would you describe the state of the labor market in the U.S. right now?
00:05Softening.
00:07Softening.
00:08Yeah, it's continuing to soften.
00:10The data that we have through the end of October tells us that the labor market is just on its continued softening path.
00:18And that kind of means there's a little bit of fragility there.
00:21How much? There's a little fragility?
00:23And like, where are you seeing the fragility?
00:26Especially when we constantly, Tim and I, talk about the K-shaped economy.
00:29And, you know, we've had, you know, we've seen resilience in the U.S. economy.
00:35But a lot of it is, you know, spending by the higher income folks.
00:40And we've, you know, it's kind of underlying weakness among low and middle income households.
00:45So those higher income Americans continue to drive growth.
00:47Are we seeing that disparity in the labor market that higher paying jobs continuing to hire and lower not?
00:54Or what are you seeing?
00:56Yeah, actually, it's a little different than that.
00:57So I would say there's, as I said, some fragility, but actually some bright spots.
01:01So there are sectors, think of like construction, leisure and hospitality that are hiring.
01:08And those are segments that often will hire, you know, hourly workers, lower income workers.
01:15So ironically, in some sense, some of the sectors are doing a little bit better in terms of hiring rates year over year are the ones where we see more hourly salaried workers.
01:25So there are bright spots.
01:27There are challenges.
01:29One thing I would kind of mention is that the story we're telling didn't change appreciably between last month and this month.
01:35You know, it's not like it took another huge leg down.
01:37It's more like it's kind of continued same softening of decreased hiring rates.
01:43Confidence is down.
01:44I heard you mention the consumer confidence overall.
01:46The confidence in workers and their ability to find a job and keep a job is also a little bit weaker now because they can see how competitive the job market is.
01:57What about trends that you're seeing in real time on the LinkedIn platform?
02:00Hiring trends.
02:01Hiring is down.
02:02We know that.
02:03But what about other trends that you're seeing?
02:06What can you tell us?
02:07Yeah, absolutely.
02:08So we are also seeing increased mentions of layoffs.
02:12And these, of course, just mentions.
02:13There's people engaging on the platform talking about it.
02:16We're seeing by our own measure of quits.
02:19So it kind of mirrors the BLS's measure of quits.
02:23We are seeing quits that are also coming down just slightly.
02:26So people are kind of staying in place, not quitting as much.
02:29And that's usually a sign of a more fragile market.
02:32But I think the biggest trend that we're seeing right now is really this fact that every industry seems to be having a different experience.
02:43So if you think about what employers are looking for, they're posting jobs on the platform.
02:49And they are all, almost really quite a lot of them, looking for skills like AI literacy.
02:55So that is one of the fastest growing skills.
02:57They want candidates who can come in and actually know how to use AI to increase their efficiency and productivity.
03:03So it's not like being scared of it.
03:05They're looking to extend their adoption.
03:06So 70% increase in jobs that are looking by employers looking for AI skills.
03:13We think more than 85% of the members on our platform are in roles that are going to be transformed by AI.
03:20So we're in this period of like evolution of the job market, but it's going to take some time.
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