What the wave of tech layoffs tell us about the economy
Friday’s jobs report came in strong: the US economy added 261,000 new jobs in October, blowing away analyst expectations of 200,000, even as unemployment ticked up to 3.7%.
But don’t let the jobs boom lull you into a false sense of employment security. Job cuts and pauses on hiring are beginning to flow across the tech sector, which boasts some of the most valuable companies in the world. That’s bad news for the economy as a whole.
What’s happening: Tech companies are announcing an alarming number of layoffs and hiring freezes.