LinkedIn laying off nearly 1,000 amid hiring slowdown

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FILE - In this Monday, June 13, 2016, file photo, the LinkedIn logo appears on a screen at the post where it trades on the floor of the New York Stock Exchange. LinkedIn is laying off nearly 1,000 employees, or approximately 6% of its global workforce, Tuesday, July 21, 2020, as a slowdown in hiring amid the coronavirus pandemic pressures its business. In a note to employees, CEO Ryan Roslansky said that the positions that will be eliminated are in its global sales and talent acquisition organizations. (AP Photo/Richard Drew, File)

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 hiring 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 owned my Microsoft, is based in Sunnyvale, California.