What’s going on? And what does this inversion of 21st-century norms tell us about the state of the economy? labor market seems, by some measures, quite strong, and yet the tech and media industries are bleeding. economy experienced a flash-freeze depression, and the tech sector was booming. During the coronavirus pandemic, the U.S. In the 2010s, the labor market was weak, and the tech sector was growing. is 3.5 percent, which ties the lowest mark of the 21st century. The overall unemployment rate in the U.S. These layoff announcements have become depressingly common, even rote. That’s roughly equivalent to the total number of people who worked at Apple before COVID hit. According to one estimate, roughly 130,000 people have been dismissed from their jobs at large tech and media companies in the past 12 months. Google’s parent company, Alphabet, today announced that it plans to cut 12,000 jobs, joining a tech-and-media layoff list that already includes Microsoft, Meta, Amazon, Salesforce, Snap, Twitter, and Warner Bros. This is Work in Progress, a newsletter by Derek Thompson about work, technology, and how to solve some of America’s biggest problems.
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