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VegasKL t1_j1b48td wrote

Reply to comment by Littlebotweak in The US economy grew much faster than previously thought in the third quarter by barrinmw

A lot of these companies are just tightening their belt early in preparation for a 2008 level recession as to not be caught off guard.

If we don't get that, they'll start hiring again once they can't keep their current employees working 1.5 their work (to cover for the people they laid off). A lot of times with layoffs the workload doesn't significantly go down, they just burden the people who kept their job with the "be happy you're still employed" line.

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I_ONLY_PLAY_4C_LOAM t1_j1c422o wrote

Ironically that preparation can cause a recession lol.

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Art-Zuron t1_j1c6860 wrote

Self fulfilling prophesies be like

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I_ONLY_PLAY_4C_LOAM t1_j1cbmym wrote

Unfortunately our economy depends much on sentiment

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HardlyDecent t1_j1d9j76 wrote

What could possibly go wrong? Humans are rational, logical beings who...oh no.

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Art-Zuron t1_j1dsb71 wrote

A person is very smart, but people.are very stupid.

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Art-Zuron t1_j1c6fwc wrote

Not to mention that many workers were already working 2 or 3x what they were supposed to be working because many companies dropped to skeleton crews during covid to try and wring as much profit out of each and every soul that they had working.

"Nobody wants to work" and "Quiet quitting" didn't become dog whistles for no reason.

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Reasonable_Ticket_84 t1_j1dnsz1 wrote

>Not to mention that many workers were already working 2 or 3x what they were supposed to be working because many companies dropped to skeleton crews during covid to try and wring as much profit out of each and every soul that they had working.

That actually wasn't common in the tech sector because demand for tech services was through the roof.

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Reasonable_Ticket_84 t1_j1dnot7 wrote

>A lot of these companies are just tightening their belt early in preparation for a 2008 level recession as to not be caught off guard.

Many are also correcting for the COVID hiring bubble they went on. Seriously, Facebook went from 45k employees in 2019 to over 70k at the beginning of 2022. It's insanity not to call that a bubble. Alot of companies really went all in on "digital is the future forever" during COVID and unfortunately they have to scale back as reality sets in. Some actually did early in 2022, the larger tech companies held on but they are going to face the inevitable, hence why they started hiring freezes to try and shrink headcount through natural attrition rather than layoffs.

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