That's too much of a simplified view. There's a feedback loop involved. Companies reducing their work force tells you about their plans for the near future rega

That's too much of a simplified view. There's a feedback loop involved. Companies reducing their work force tells you about their plans for the near future regarding spending, expansion and so on. If you provide services for those companies you are not going to have enough work for your present employees, a lot of which have been recently hired to handle the now gone spending boom. So you might wanna dial back your work force. And then the companies that provide you with services enter the loop and so on. And this is only one factor. Other factors you can't simply ignore: the massive rise of interest rates, the drop in productivity per worker, the money going to the war in Ukraine. Another way to look at this, instead of copycat, is voting with your wallet the direction you think the economy is going. A form of wisdom of the crowd. https://en.wikipedia.org/wiki/Wisdom_of_the_crowd https://en.wikipedia.org/wiki/Wisdom_of_the_crowd