LinkedIn laying off nearly 1,000 amid hiring slowdown

The overall US unemployment rate in May was 13.3%, a decline from 14.7% in April, according to the Labour Department. In a note to employees at the professional networking site, CEO Ryan Roslansky said the job cuts will hit global sales and hiring sections of the company.

LinkedIn is laying off nearly 1,000 employees, approximately 6% of its workforce globally, with unemployment in the US above 13% and national economies from Europe and Asia, to the Americas, shrinking due to the pandemic. The outbreak has disrupted commerce globally, closing thousands of businesses while forcing others to furlough large numbers of employees as they await a recovery. Hiring has slowed dramatically. The number of people applying for unemployment aid has remained stubbornly high in the past several weeks, a sign that many businesses are still shedding jobs and clouding the outlook for jobs. The overall US unemployment rate in May was 13.3%, a decline from 14.7% in April, according to the Labour Department.

In a note to employees at the professional networking site, CEO Ryan Roslansky said the job cuts will hit global sales and hiring sections of the company. He said no further layoffs are planned. LinkedIn employees in the US will receive at least 10 weeks of severance pay and a year of continuing health coverage through COBRA. Those being laid off will continue in their roles through August 21.

The company, which is owned my Microsoft, is based in Sunnyvale, California..