ArchiveFM

The Daily

How Layoff News Is Hiding a Hot Job Market

Companies like Meta and Twitter have said that they will be cutting jobs. Google and Amazon have announced that they are putting a freeze on any new hiring. Are tech layoffs a sign of things to come across other sectors? Is this the opening bell for the bad news on the economy that many have been bracing for? Guest: Jeanna Smialek, a correspondent covering the Federal Reserve and economy for The New York Times.
Duration
25m
Broadcast on
12 Dec 2022
Audio Format
other

 Companies like Meta and Twitter have said that they will be cutting jobs. Google and Amazon have announced that they are putting a freeze on any new hiring.

Are tech layoffs a sign of things to come across other sectors? Is this the opening bell for the bad news on the economy that many have been bracing for?

Guest: Jeanna Smialek, a correspondent covering the Federal Reserve and economy for The New York Times.

Background reading: 

For more information on today’s episode, visit 

nytimes.com/thedaily

. Transcripts of each episode will be made available by the next workday.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts, Spotify and Amazon Music. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.


Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This podcast is supported by TikTok. Sometimes the most interesting discoveries are the ones you weren't looking for. That happens every day on TikTok. A science experiment can spark a whole new interest. A recipe you stumble upon can become a meal you make for the people you love. And a restaurant you've never heard of might become your new favorite spot. That's the thing about TikTok. Follow your curiosity and see where it leads. Your next discovery is waiting on TikTok. From the New York Times, I'm Serena Tavernisi, and this is The Daily. American tech companies are slashing jobs dramatically, raising worries about a broader ripple effect. I spoke to my colleague, Gina Smilik, about what's going on in the job market and what it tells us about this very strange time in the U.S. economy. It's Monday, December 12th. Gina, hi. Hi. So you are our resident expert on the U.S. economy, and we are very, very happy to have you back on the show. Hopefully you're happy to be here. I am happy to be here. Thank you for having me. Okay. So we here at The Daily have been noticing lots of news about layoffs in the tech sector. You know, companies like Meta and Twitter said they'd be cutting jobs. Google and Amazon have announced they're putting a freeze on any new hiring. So my first question for you is this. Are tech layoffs a sign of things to come? Like, are they the opening bell of the bad news we've all been bracing for in the economy? So in a word, I would say no. Okay. The tech sector is, you know, clearly something worth watching, but it's a pretty unique part of our economy, and it's a very small one. What's unique about the tech sector? Like, why is it not really that representative? Well, first of all, I think it's important to think about how many people the sector actually employs.

Transcription truncated.

Companies like Meta and Twitter have said that they will be cutting jobs. Google and Amazon have announced that they are putting a freeze on any new hiring. Are tech layoffs a sign of things to come across other sectors? Is this the opening bell for the bad news on the economy that many have been bracing for? Guest: Jeanna Smialek, a correspondent covering the Federal Reserve and economy for The New York Times.