3 ms·

I have never seen so many people in my linkedin feed who are begging for work after being unemployed for a year EVER

kypro 3y ago
Both things are probably true. The economy seems to be doing fairly well –– at least it was in 2023. Even tech is mostly fine, apart from the deeply unprofitable startups. The tech job market on the other hand seems to be suffering from several headwinds at once... You have pandemic reopening slowing demand for a lot of tech companies and causing them to cut back on hiring. High interest rates are reducing valuations of unprofitable tech companies which has resulted in a slowdown in startup investment. Where capital is available it's largely going to small AI startups who are spending 90% of their capital on compute rather than tech talent. Finally, you have the largest tech companies like Google, Facebook and Amazon cutting jobs which has led to the market becoming flooded with extremely talented tech workers at a time when tech graduates entering the job market are at all time highs. When you have very few companies hiring and lots of companies cutting jobs at a time when lots of new workers are entering the market the average tech worker isn't going to have an easy time finding a job. I've seen a lot of pleads for work on Linkedin too. I'm getting texts regularly now from ex-employees seeking working after being out of work for months. I don't quite understand how some people are still in denial at this point.
itsoktocry 3y ago
But this is anecdata. Exactly the kind of thing that can steer you wrong.
- thr0way120 3y ago
  In my life experience, anecdotal data always signals trends weeks, months, years before the experts catch on. I have never seen it otherwise. Whenever I talk to a range of people, they all tell me X is happening to them more often, the media take another 6+ months to report on it.
dangus 3y ago
Big question, do you know those people? LinkedIn algorithmically shows you posts that get a lot of engagement. It’s not a scientific way of gauging the economy one way or another.
- thr0way120 3y ago
  This is a good argument because those posts get a lot of interaction
uptownfunk 3y ago
Same, it’s really bad out there.

Both things are probably true. The economy seems to be doing fairly well –– at least it was in 2023. Even tech is mostly fine, apart from the deeply unprofitable startups. The tech job market on the other hand seems to be suffering from several headwinds at once... You have pandemic reopening slowing demand for a lot of tech companies and causing them to cut back on hiring. High interest rates are reducing valuations of unprofitable tech companies which has resulted in a slowdown in startup investment. Where capital is available it's largely going to small AI startups who are spending 90% of their capital on compute rather than tech talent. Finally, you have the largest tech companies like Google, Facebook and Amazon cutting jobs which has led to the market becoming flooded with extremely talented tech workers at a time when tech graduates entering the job market are at all time highs. When you have very few companies hiring and lots of companies cutting jobs at a time when lots of new workers are entering the market the average tech worker isn't going to have an easy time finding a job. I've seen a lot of pleads for work on Linkedin too. I'm getting texts regularly now from ex-employees seeking working after being out of work for months. I don't quite understand how some people are still in denial at this point.

itsoktocry 3y ago

But this is anecdata. Exactly the kind of thing that can steer you wrong.

thr0way120 3y ago
In my life experience, anecdotal data always signals trends weeks, months, years before the experts catch on. I have never seen it otherwise. Whenever I talk to a range of people, they all tell me X is happening to them more often, the media take another 6+ months to report on it.

dangus 3y ago

Big question, do you know those people? LinkedIn algorithmically shows you posts that get a lot of engagement. It’s not a scientific way of gauging the economy one way or another.

thr0way120 3y ago
This is a good argument because those posts get a lot of interaction

uptownfunk 3y ago

Same, it’s really bad out there.