A quick update on @LinkedIn hiring data through the first 8 days of May 1/n https://www.linkedin.com/posts/guyberger_the-us-labor-market-was-in-rough-shape-during-activity-6668670936646070273-pEu4

We've seen hiring *stabilize* at roughly 35% below year-ago levels in the US, since mid/late April. Unlike other high frequency data, we don't see a meaningful pickup. If one is happening, it's very small so far. 2/n

We do see some industries where hiring, while still depressed relative to pre-COVID, has definitely picked up in the past few weeks: education, wellness/fitness, public administration, public safety, and agriculture. 3/n

Education and wellness/fitness are pretty intriguing. We haven't examined them in depth yet, but I wonder if these were previously-brick'n'mortar sectors that were able to "retool" for virtual/online operations relatively quickly. 4/n

Most other sectors are basically depressed and stable in our data, just like the overall hiring rate. One exception that's still deteriorating is oil & energy, which might be still be reeling from the energy price collapse.

To wrap up this thread... I think we're seeing the embryonic signs of an uneven recovery. As the economy moves from the current stabilization toward recovery, we'll probably see some sectors normalizing fairly quickly and others staying depressed for a long time. 6/6