LinkedIn Attributes 20% Hiring Decline Since 2022 to Interest Rates, Not AI
Key Takeaways
- LinkedIn reports roughly 20% decline in hiring since 2022.
- Higher interest rates are named as the main cause.
- AI is not identified as the primary factor.
LinkedIn Hiring Data
LinkedIn's data shows a 20% decline in hiring since 2022.
“Blake Loit told the Semafor summit that LinkedIn data show hiring fell mainly due to higher interest rates”
The company attributes the slowdown to elevated interest rates rather than AI.
Lawit said, we have looked at it – and honestly, we haven't seen AI impact.
The decline in hiring among young adults was not down more compared with older workers.
Skills needed to do the average job have changed 25%, and LinkedIn expects 70% by 2030.
Economic Forces Over AI
LinkedIn's stance challenges widespread concerns about AI's impact on employment.
The company argues that elevated borrowing costs have forced businesses into defensive mode.
The real job killer has been sitting in plain sight: the Federal Reserve's interest rate policy.
The yet in LinkedIn's statement tacitly admits AI's impact might still come.
The real test comes in the next 12-18 months.
Skills and Adaptation
Lawit emphasized that the nature of work is evolving rapidly.
“LinkedIn’s Blake Lawit, the chief global affairs and legal officer of the Microsoft-owned professional networking site, confirmed in an interview at the Semafor World Economy summit this week that the company’s data shows a decline in hiring of around 20% since 2022”
LinkedIn expects skills needed to perform the average job will change by 70% by 2030.
Continually updating skills is becoming a key task for workers and employers.
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