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People see these headlines and think that the job market is loosening. But growth tech is such a small percentage of overall employment, it effectively doesn't
by adam_arthur 4y ago
People see these headlines and think that the job market is loosening. But growth tech is such a small percentage of overall employment, it effectively doesn't matter.
Only if big tech does layoffs is it meaningful for national employment numbers. Fed will have to go much harder to fix the broken job market
- incahoots 4y agoSNAP's market is dwindling, they have not been posting good quarterly reports, so this should come as no surprise to anyone why they're slashing this many jobs. All part of the business of being publicly owned. If you can't sustain the growth then you better start trimming the fat.
- nytesky 4y agoHas SNAP ever been profitable? It looks like it made $MM this year? https://techcrunch.com/2022/02/03/snap-finally-did-it-yall/ https://techcrunch.com/2022/02/03/snap-finally-did-it-yall/ I think it raised $5B in various funding rounds? It's been around a decade, and if its cutting 20% I can't imaging the future is bright?
- noSyncCloud 4y agoJust another flash in the pan. Three years after the kids move on, the markets will too
- whiplash451 4y agoThe same law applies to private companies. They are under board scrutiny instead of board + market scrutiny.
- lupire 4y ago> Fed will have to go much harder to fix the broken job market Fed wants to break the job market, to reduce wage inflation.
- adam_arthur 4y agoYes, and they will. Despite the wishful thinking to the contrary. It could have been prevented with more responsible monetary policy in 2021
- JumpCrisscross 4y agoThis thread is people talking past each other on varying definitions of “breaking.”
- unstatusthequo 4y agoI think much earlier than 2021. As soon as the first COVID stimulus dollar went out, there should have been an inflation mitigation plan.
- papito 4y agoAre we forgetting reckless printing of money during 2020 and the purposeful lack of oversight (Small government! Down with regulations!) that resulted in basically looting of the treasury? https://www.nytimes.com/2022/08/16/business/economy/covid-pandemic-fraud.html https://www.nytimes.com/2022/08/16/business/economy/covid-pa... Not to whataboutism here, there is an argument to be made in this case, but let's not selective eh.