Don't be misled by no-context reports of big tech layoffs 🤨
Big tech isn't as big an employer as you might think 🤏
While these developments are certainly challenging to those affected, their impact hasn’t been very significant at the economy-wide level.
As TKer readers know well, U.S. employers have been announcing a little over 1 million layoffs per month for months, a seemingly high number. But TKer readers also know that number represents a little under 1% of total employment, a figure that’s been below pre-pandemic levels for months.
It’s fair to say that the market for tech jobs is experiencing hiccups. However, tech represents a very small share of total employment in the U.S.
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