What Tech Job Cuts Say About Silicon Valley—and the Rest of the Economy

After a scramble for labor coming out of the Covid-19 pandemic, the US economy has shown signs of reversing course. US employers announced 13% more job cuts in 2022 than they did the year before, according to consulting firm Challenger, Gray & Christmas Inc. The reductions were small; setting aside 2021, last year saw the fewest annual job cuts since CGC began tracking in 1993. Still, any tightening in the job market begins to tilt leverage back to employers, threatening a brief period of worker empowerment that gave rise to...