Concerns about an economic recession originating from the spate of layoffs need to be tempered.
In the past few weeks, a number of high-profile US tech companies have announced layoffs. Meta is laying off 11,000 workers and Amazon 10,000. The ongoing purge at Twitter could see its employee base of 7,500 shrink by about 75%. About 42,000 workers in US tech companies lost their jobs in November alone, according to layoffs.fyi, which tracks firings in the tech industry. Further, about 136,000 people across 849 tech companies were laid off in 2022. Yet, concerns about an economic recession originating from this need to be tempered.