In January alone, nearly 46,000 employees in the broader tech sector have been laid off, most of them coming from the likes of $META $MSFT
. Sadly for those workers, companies like these tend to hold onto excess labour when they can afford to (the good times) and then can cut the fat when they have to (bad times).
During the good times, this prevents talented labour from joining rival firms.
Chart two. Despite the headlines, the US labour market is still strong, currently reporting record lows for unemployment. Zoom out.