US hiring cooled in June

 In Employment

The U.S. economy added 209,000 jobs in June, said the Bureau of Labor Statistics Friday, below a forecasted 230,000. Unemployment fell to 3.6%. While the labor market has now added jobs for 30 consecutive months, June’s figure is the lowest monthly gain since a decline in December 2020. It comes after data Thursday showed a private sector hiring boom in June, suggesting a robust jobs environment. However, the average number of hours worked by Americans dipped in three of the last four months, Bloomberg notes, as hours worked in retail, warehousing and construction slid below pre-pandemic levels.

  • A backtrack can be an early harbinger of other adjustments to the job market, presenting a mixed picture for the Federal Reserve to consider as it mulls interest rates.
  • These are the U.S. states where jobs are paying more.


By Todd Dybas, Editor at LinkedIn News

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Tens of thousands of startup employees were laid off in the last three quarters. Over 45% are still unemployed.

Yesterday, Peter Walker posted data from Carta showing that the net headcount at startups has been negative since November ’22. In his words, “Startup hiring just isn’t keeping pace”.

So, where have all the laid off startup employees landed?

Across the 90M+ professionals we monitor at Live Data Technologies, 500k+ people have been laid off or unemployed within the last three quarters. We sampled 55,000+ employees who went from a startup to unemployed during this period.

Over 45% of the people are still unemployed. While this number may seem contrary to the current 20-month low in jobless claims, it can tell us a lot about the jobs that people are finding. Many of the people laid off from a startup may not be jobless but, they are likely working jobs to make ends meet rather than professional jobs that match their previous experience.

Anecdotally, we all likely know someone who when asked “What are you doing for work?” would respond with something along the lines of “I was let go from XYZ startup two months ago and I’m working at a restaurant/coffee shop/retail store or I’m learning to ____, while I look for my next role.”

Of those who have found employment, the majority have landed at another startup. Two key points here:
1. Startups are more likely to hire talent that has been at another startup.
2. This is likely a leading indicator that net headcount across startups is rebounding.

Other key takeaways from digging into the data:
– Unemployed startup employees are more likely to start a self-employed or freelance job than employees from large, public companies
– The rate of unemployed people going back to school is up YoY
– Government agencies and educational institutions are benefiting from startup talent that is on the market

For more, explore the real-time human capital and job change data at any company at the link in the comments.

Most laid off startup employees are still unemployed. We sampled 55,000+ employees that were laid off from a startup in the last three quarters to see the trends in their next roles. Tens of thousands are still on the market. The majority of those who have found employment are now at another startup.
By Jason S.

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