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Summer hot hiring may be slowing, says the LinkedIn Workforce Report

U.S. employers hired significantly more people in July compared with the same month last year, continuing a strong summer trend, according to the LinkedIn Workforce Report.

But that does not tell the whole story.

Although hiring in the U.S. was 17.3 percent higher last month versus a year ago, seasonally adjusted hiring was 5.4 percent lower in July compared with June.

“While July’s month-over-month dip in seasonally adjusted hiring could indicate that this summer’s hiring streak is starting to slow down, July hiring should still be read as strong,” the report said.

Hiring in July was mainly fueled by three industries: oil and energy up 27.8 percent; manufacturing and industrial up 16.8 percent; and architecture and engineering up 15.5 percent. Last month, LinkedIn data showed May and June were the hottest two months for hiring by U.S. employers since the summer of 2015.

When asked whether there is a correlation between President Donald Trump’s policies and employment growth, Dan Roth, LinkedIn editor in chief, said, “There seems to be.”

“If you look at where the loosening of regulation in places where Trump and the administration are saying they want to invest — those are places that are hiring,” Roth said Wednesday on “Squawk Box.”

Demand for mental health professionals, in particular, has increased in big cities, including San Francisco, New York and Chicago, the report showed. Mental health and psychotherapy skills can range from neuropsychology, to grief counseling, to cognitive behavioral therapy and crisis intervention.

The source of LinkedIn’s data includes its 138 million user profiles in the U.S., 20,000 company profiles and 3 million monthly job postings.

The report comes two days before the Labor Department releases its closely watched monthly employment data.

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