Read a good piece in the NY Times a few months back, that partially this culling of employees is to bring back some norms
-in office work
-job expectations
-reset the imbalance in labor demands
and also that each company is going to follow the next, and up the ante, to make the stock price competitive. and to link that to a more economics based piece I read about recessions in 2022, that they are like hurricaine, in that each system follows the next, and things don't really have to true, as long as people believe they are true and act accordingly.
Like other countries raising their interest rates, because they see the US doing it, and so on. Companies doing layoffs to to follow the next, which creates the system that quickly can get out of control.
Layoff equal more unemployment, which equals less consumer confidence in spending, and home purchases, car leases, car sales, people who are not directly affected see it as a sign, of worsening economic headwinds, and pull back their own spending
so, overall, we have at least 60,000 people out of work in these companies, concentrated in urban coastal cities, mostly, that's not insignificant.
www.cnbc.com
Sounds eerily similar to………
