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Published: Nov 18, 2022 6 min read
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Franziska Barczyk for Money

Large-scale layoffs at tech companies in recent weeks may have you thinking the job seekers' paradise of last year is officially over. But job openings from across the labor market paint a more complicated picture.

Hiring in industries like healthcare and education is holding up well this year, while some industries, like utilities, are outperforming compared to this time last year.

And even though hiring overall in the U.S. has declined by 10.6% in the past year, according to LinkedIn’s data, the pace is still strong by historical standards. The economy added 261,000 jobs in October — the smallest amount since December 2020, but significantly higher than the pre-pandemic monthly average of 164,000.

The recent pullback in hiring has affected most industries, but the biggest outlier is the utilities sector (think: jobs in electric, gas, water, etc.). Hiring in utilities is up 23.3% in the past year, despite a slight drop in hiring between September and October.

LinkedIn also found hiring grew last month in hospitals and health care, which is one of the better performing industries this year with a hiring decline of just 5.1%, says Guy Berger, principal economist at LinkedIn.

Like utilities, medical care is something people always need and will spend money on regardless of what’s going on in the economy. In October, hiring also increased in consumer services, education, government administration and a category that includes farming, ranching and forestry.