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The numbers are too small. You're not going to drive unemployment up meaningfully by laying off 10k high-end workers. You do it by raising costs throughout the
by NeverFade 4y ago
The numbers are too small. You're not going to drive unemployment up meaningfully by laying off 10k high-end workers. You do it by raising costs throughout the entire market, so hundreds of thousands of low-end workers are laid off.
- photochemsyn 4y ago10k high-end workers at multiple tech firms adds up, getting into the 100K range: > "The move follows recent workforce reductions by other technology companies such as Meta, Twitter, Redfin, Flyhomes, Convoy, Lyft and more as companies look to cut costs amid current economic headwinds." https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tech-giant-cuts-corporate-and-tech-workers/ https://www.geekwire.com/2022/layoffs-begin-at-amazon-as-tec...
- NeverFade 4y agoThere's a handful of big tech companies that are laying off ~10k each, a few more laying off in the low thousands or hundreds. All told, they might hit the 100k range. If you're in tech, you know there's a huge number of unfilled positions, so likely most of these 100k will find a new job, and won't count towards unemployment. Let's be very cautious and estimate 50k of them will remain unemployed; that's still only 10% of the number of jobs the expected recession next year will cost: > Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. https://www.businessinsider.com/how-many-jobs-lost-next-year-layoffs-recession-outlook-bofa-2022-10 https://www.businessinsider.com/how-many-jobs-lost-next-year...