This is the social contagion part of the theory. The idea is that many--especially very high profile companies--overhired, and the rest are following the leade

This is the social contagion part of the theory. The idea is that many--especially very high profile companies--overhired, and the rest are following the leader. Stir in media hysteria around purported recessions and you can understand why leadership might start to pull the reins.