Meta grew it's workforce by 50% from 2019 to the layoffs. They appear to think they can get away with 10 or 15 percent RIF to restore profitability. The rest

Meta grew it's workforce by 50% from 2019 to the layoffs. They appear to think they can get away with 10 or 15 percent RIF to restore profitability. The rest of the industry seems to think so as well. Higher interest rates means expensive financing and poorer stock performance, meaning in addition to reduced profits - overhead just went up a lot for companies using debt rotation to finance operations to preserve equity. However, the shift to remote work is real - so companies providing those services are going to stay. That's an entire market segment that simply didn't exist before 2019. My prediction is that maximum pain is 4 or 5 months out, then we will start seeing salaries rise again and the labor market tightening back up as the companies that make it through see the light at the end of the tunnel.