November 14, 2022
MainStreet Macro: Don’t read too much into tech sector layoffs
Last week, while I was waiting with bated breath for the October inflation report, the headlines were buzzing with a series of announcements that seemed to bode poorly for the economy. Tech companies had muscled into the news cycle, announcing massive layoffs and hiring freezes. The cuts were dramatic and part of a running trend: The sector has shed nearly 120,000 jobs globally so far this year, and more than 23,000 in November alone, according to one layoff tracker.