Opinion by Heather Long: What the mass tech layoffs mean for the U.S. economy
The tech layoffs are unlikely to trigger an immediate wave of cuts across the economy or even lift the historically low unemployment rate much. Tech garners a lot of media attention, but only 2 percent of U.S. workers are employed at tech firms — a far smaller influence on the labor market than manufacturing , retail or health care .
There’s a reality check going on in the tech sector that’s not happening elsewhere. Tech didn’t just rebound rapidly from the 2020 pandemic recession; it benefited from so many people being stuck at home and spending more time on devices. Americans’ desperation to order toilet paper and find distractions for their kids was a boon for Big Tech, and the industry responded accordingly.the sector overall went on a hiring spree.
that herd mentality hasn’t caught on beyond tech and media. In fact, the biggest surprise is how resilient employment has been, especially in sectors most affected by the Federal Reserve’s aggressive rate hikes to fight inflation and cool the economy. Although
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