Tag Archives: LinkedIn

California Proposes Another Absurd Bailout Program, by Simon Black

Simon Black’s weekly tally of the absurd, at sovereignman.com:

Are you ready for this week’s absurdity? Here’s our Friday roll-up of the most ridiculous stories from around the world that are threats to your liberty, risks to your prosperity… and on occasion, inspiring poetic justice.

China says Wuhan Lab Scientists Deserve Nobel Prize

China’s government-run media outlets are reporting that, instead of being blamed for leaking the coronavirus, the Wuhan Virology lab scientists should be awarded the Nobel Prize for being the first to sequence the virus.

Naturally it’s only a matter of time before the World Health Organization throws its weight behind this recommendation…

Or for the Big Tech companies to censor anyone who says this is a completely absurd idea…

Or for the Twitter mob to accuse anyone who doesn’t support China’s Nobel Prize push as an anti-Asian racist.

Click here to read the full story.

LinkedIn censors China experts at request of China

Speaking of China, the Microsoft-owned networking and resume website LinkedIn has been helping China censor intellectual dissidents.

One academic, Jojje Olsson, who has written five books on China, received a message from LinkedIn stating that if he did not edit his profile, it would be blocked in China.

That was because it mentioned a graduate thesis he wrote on the Tiananmen Square massacre.

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China Using LinkedIn For Mass Spy Recruitment Of Americans With Security Clearances, by Tyler Durden

The Chinese appear hell-bent on getting US military, industrial, and commercial secrets any way they can. From Tyler Durden at zerohedge.com:

After social media giants Facebook and Twitter have led efforts to purge what they deem to be Russian and Iranian foreign intelligence accounts, a bombshell new report says China is using LinkedIn to attempt mass recruiting of Americans with access to government and commercial secrets.

In an interview with Reuters, a top US counterintelligence chief has claimed China is being “super aggressive” in its online recruitment efforts on the Microsoft-owned job networking and locator tool.

That a high ranking intelligence member would take the step of calling out a particular company by name, urging it to curtail Chinese influence, is rare even in the current environment hyper-anxiety and fears over Russian election hacking.

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LinkedIn Job Postings Plunge, “by far the Worst Month since January 2009” by Wolf Richter

The job market is sputtering at the low end, the high end, and all ends in between. From Wolf Richter at wolfstreet.com:

Is the job market for professionals unraveling?

The jobs data in the US has recently taken a nasty spill. Last week it was an ugly jobs report from the Bureau of Labor Statistics. It could bounce off next month, and the current data could be revised higher, but we’re not seeing the signs of this sort of hiring momentum.

Instead, we’re confronted with a sharp and ongoing deterioration of a leading indicator of the labor market: temporary jobs. They rise and fall months ahead of the overall number of jobs. The sector peaked in December 2015 at 2.94 million. It shed 21,000 jobs in May, and 63,800 since December. This is also what happened in 2007 and 2000, at the eve of recessions [read… What Makes this Jobs Report so Truly Ugly?].

This week, it was the Fed’s very own Labor Market Conditions Index which dropped to the worst level since the Financial Crisis, a level to which it typically drops shortly before the onset of a recession – and shortly before employment gives way altogether. It still could bounce off as it had done in early 2003, but it better do so in a hurry:

So now comes LinkedIn, or rather MKM Partners, an equity and economics research firm, with a report in Barron’s about LinkedIn – “While we like LinkedIn’s long-term prospects and believe that sentiment on the company’s opportunity is overly negative, we remain at Neutral on the stock,” it says. Rather than disputing the deterioration in the labor market or throwing some uplifting tidbits into the mix, the report highlights yet another 2009-type super-ugly data point.

LinkedIn has some, let’s say, issues. Its stock has gotten hammered, including a dizzying plunge in February. It’s now down over 50% from its high in February 2015. The company lost money in 2014, 2015, and in the first quarter 2016 despite soaring revenues. And that revenue growth may now be at risk.

But we aren’t concerned about the stock or the company. We’re concerned about that 2009-type super-ugly employment data point.

MKM Partners discussed that data point because it’s worried that investors might misconstrue it as weakness at LinkedIn, rather than what’s happening in the labor market and the overall economy:

We believe that LinkedIn is a unique network, the de facto in Recruiting with promising opportunities in Sales and Learning. We are concerned that the jobs tailwind over the past six-years is becoming a headwind and that any further softness in Hiring revenue would incorrectly be perceived as a TAM (total addressable market) issue vs. a macro issue.

The online jobs data is getting “incrementally worse,” the report explained (emphasis added):

After 73 consecutive months of year-over-year growth, online jobs postings have been in decline since February. May was by far the worst month since January 2009, down 285k from April and down 552k from a year ago.

Online job postings are not a direct revenue driver for LinkedIn. We do however believe it is a reflection of overall hiring activity and should be considered a check on demand vibrancy.

And the report frets that “further deterioration” could trigger a “revenue shortfall” in the second half.

LinkedIn caters to professionals, people with well-paid jobs, or people looking for well-paid jobs. They’re software developers, program managers, petroleum engineers, executives of all kinds, marketing professionals, sales gurus…. They span the entire gamut. And companies use LinkedIn to recruit those folks.

To continue reading: LinkedIn Job Postings Plunge, “by far the Worst Month since January 2009”