Name: Why Tech Layoffs Don’t Reflect the Job Market | WSJ
Uploaded: 2023-05-15T15:10:49.000Z
Duration: 5 min 1 s
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- [Narrator] It might seem like Fed Chairman Jerome Powell's

with the layoff after layoff after layoff

to the Labor Department's recent jobs reports.

Employers added over 260,000 new positions in November,

the 23rd month in a row the economy has added them,

and unemployment is under 4%, near the lowest on record.

- So this is a great labor market in that sense.

like Amazon, Twitter, DoorDash layoff workers,

and it feels like we're in the middle of a recession.

- [Narrator] Here's why those big headlines

aren't in sync with the overall job market.

For example, about 1.4 million people were laid off

or discharged from their jobs in November,

but that number may not include the entire month.

- Some of this data does come with a lag.

For example, some companies may have announced these layoffs

too late in the month for them to be captured in the data.

- [Narrator] For example, DoorDash's cuts on November 30th

neither were Amazon's on the 16th or Carvana's on the 18th.

Also, the Labor Department counts the layoffs themselves,

that they're going to tighten their belts and lay people off

but they simply haven't made those cuts quite yet.

- [Narrator] The delay might be part of the reason

is in a really really weird place right now,

between the number of workers looking for employment

is partly driven by a shrinking workforce.

the number of people out there looking for jobs

and wanting to have a job, is historically low

- [Narrator] One reason why fewer people are looking

during the Covid 19 pandemic starting in 2020.

Others left for reasons like lack of childcare.

- So what we're seeing is intense competition

for workers right now because you have this gap

and the number of people looking for jobs

and that helps add to this low unemployment rate.

- [Narrator] While Covid is affecting unemployment,

tech layoffs aren't big enough to register

Another is that the job cuts are proportionally smaller

than the headlines might have you believe.

Looking at the numbers, Amazon and Meta announced layoffs

In the entire sector, about 50,000 job cuts

more than 150 million people working in the US.

The entire tech industry is just 3% of the whole.

- You'd think it'd be companies in the S&P 500,

the mega cap companies driving job growth in the US,

make up just 19% of employment in the US.

- [Narrator] To be sure, tech layoffs did count

for a large proportion of November's job cuts.

And this year there were more than any year since 2002.

- So these tech companies are market leaders.

They are some of the biggest companies in the US,

if not the entire world, and they also loom large

I mean, think about the phones that we use,

the computers that we use, where we online shop.

You know, they are leaders in so many different ways.

as big of a part of the labor market as we think.

- [Narrator] Other sectors that lost jobs

include retail and transportation and warehousing.

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Why Tech Layoffs Don’t Reflect the Job Market | WSJ

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