True.. but the better question is, when the dust settles, what’s the % hired during the run up vs laid off at the plateau?
Businesses grew at a much faster that normal pace, and it made sense to throw money at staffing to onboard new clients or expand operations and worry about it later as not doing so would cost you growth/revenue/market share.
Some companies spun up whole new departments that were only needed to facilitate the paradigm shift in labor during the pandemic. Now that growth has slowed, they’re gonna cut back on these. Other companies found new revenue streams and are gonna replace or restructure their weaker performing non-critical departments with these.
One thing that did happen though, was companies realized that tech was no longer a cost center or line item on a spreadsheet that they need to reduce because they could not justify the expense, but it’s now a critical part of business.
The fed is still fukking with the rates trying to get inflation under control and they don’t care about asset prices which is what shareholders care about most, so companies are gonna try their best to appease them and payroll is always the first on the chopping block.
People are gonna lose jobs, but unless we get a full blown recession, most of this is overblown.
As long as you have an in demand skillset and an emergency fund to float you during the job hunt, you’ll be fine.
www.wsj.com
. Other sectors are still thriving, especially the service industry. I look forward to the job report tomorrow.
