LinkedIn is laying off nearly 1,000 employees, in a July 20, 2020 story. (Photo by THE ASSOCIATED PRESS)

LinkedIn is laying off nearly 1,000 employees, in a July 20, 2020 story. (Photo by THE ASSOCIATED PRESS)

LinkedIn laying off nearly 1,000 amid hiring slowdown

Shrinking economies force layoffs

NEW YORK — LinkedIn is laying off nearly 1,000 employees, approximately 6% of its workforce globally, with unemployment in the U.S. 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 U.S. unemployment rate in May was 13.3%, a decline from 14.7% in April, according to the Labor Department.

In a note to employees at the professional networking site, CEO Ryan Roslansky said that the job cuts will hit global sales and talent acquisition sections of the company. He said no further layoffs are planned.

LinkedIn employees in the U.S. 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 Aug. 21.

The company, which is private, is based in Sunnyvale, California.

By The Associated Press