100,000 layoffs in January in the tech world clearly will have ripple effects in the economy. It’s not just tech, it’s the finance, telecom, biotech, big pharma, manufacturing, entertainment, and transportation worlds as well. A lot of these layoffs come with severance packages and don’t qualify someone for unemployment. Also, half the layoffs in the past 13 months came in the past 45 days. Unemployment data lags by 30-60 days. As other companies see a stock being rewarded for layoffs and profitability, the domino effect will continue. The labor market will implode. Salaries will be slashed. The multiplier effect will crush consumer spending / saving. All of these indicators take time to appear. #severance #layoff
Tech in its entirety employs about 2% of the work force. 100k layoffs is nothing to dent the numbers.
I have heard this number a lot. But never found a source for it. Do you have a source ?
This % is fake under every metric imaginable.
The bubble where tech worker lives and the audacity of tech workers is astounding do you even have friends outside tech? If yes ask them if no tldr tech boomed during pandemic everyone else suffered now it seems they are in much better place we are suffering it’s a cycle.
I don’t have a single friend inside of the tech world. In fact, I cant stand most of you.
“100,000 layoffs in January in the tech world clearly will have ripple effects” The labor market is 165 million people
Woah, don't bring facts into the conversation. OP would be upset if they could read.
Wow you are great at finding stats on Google. You know that the entirety (all industries) of layoffs in 2008 reached a maximum of 400,000 per month, right? We were at 150,000 last month (10x increase from any January since 2012). Do you know how a ripple works? There’s something in economics called an employment multiplier effect, you might want to Google some facts there.
The tech sector is a very small percentage of the overall job market. With the Fed interest rate hikes, the layoffs won’t have that much of a ripple effect on the overall unemployment rate, historically speaking. The labor market is still strong and the US is at historically low unemployment rates. I could see unemployment rate increase by 50% to about 5% unemployment, but that’s still a strong labor force. During the period between 2003 and the peak of the GFC in 2008, the unemployment rate was between 4.4-6.1%. It peaked at nearly 10% in 2009 and has been on a steady decline ever since (except during 2020Covid).
Biden 2024 :)
None of these layoffs are counted because you’re still employed for 60 days with the company because of the WARN act. The layoffs will show up in March’s data.
I feel like it is rough for the valley, just because of hcol. Everywhere else jobs in tech are rampant.
It only counts if someone claim unemployment
This. Hence Joe Biden is targeting only Visa workers.
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I do tech screens at Google. AMA
Wishful thinking