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If anything it might be reflecting a higher number than it actually is. Sometimes i hit “apply” and then decide the position isn’t right for me and that still counts as an "application”
A lot of people bypass and go straight to the company website to apply.
Employers seem to repost the same job over and over. I think the number of applicants shown corresponds shows how many applied via that specific instance of the LinkedIn job posting.
I’ve seen jobs reposted multiple times and each time it resets the number