Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global economy in 2020. Employers in the tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi.
That figure compares with about 80,000 layoffs in March-December 2020 and 15,000 in all of 2021.
In this episode of The Higher Standard, Chris and Saied examine this latest news and offer some insights as to the effects it will have on the economy as a whole.
They discuss the concept of the 'everything bubble,' and the reasons why many economists believe that years of loose monetary policies from the Fed and other central banks following the Great Financial Crisis (GFC) helped create it.
Chris and Saied look at a report stating that used car prices paid by wholesalers fell the most on a yearly basis since at least the late 1990s - a decline that could help the fight against inflation.
They also offer some thoughts on a leaked email from Disney CEO Bob Iger, telling hybrid employees they must return to corporate offices four days a week starting March 1.
Join Chris and Saied for this fascinating and informative conversation.
What You’ll Learn in this Show:
- The 'everything bubble:' What it is, where it came from, and why it's now popping.
- Why social media is no longer 'social' - it’s an online business.
- The bright spots that exist in the economy during the recession.
- The difference between low-cost index funds and mutual funds.
- And so much more...
"U.S. labor market powers ahead, but wage growth loses steam" (article from Reuters)
"Tech layoffs are happening faster than at any time during the pandemic" (The Wall Street Journal via Instagram)
"Tech Layoffs Are Happening Faster Than at Any Time During the Pandemic" (article from The Wall Street Journal)
"The ‘everything bubble’ has popped and the experts on Wall Street and in Silicon Valley were spectacularly wrong about a ton of things" (article from Fortune)
"Used car prices post biggest drop on record - and have 'much further to fall’” (Forbes via Instagram)
"Meta updates property listing policy, riling agents" (The Real Deal via Instagram)
"Bob Iger tells Disney employees they must return to the office four days a week" (article from CNBC)
"Party City prepares to file for bankruptcy" (The Real Deal via Instagram)
"Job openings hold strong despite rate hikes; manufacturing in contraction" (article from CNBC)
"2022 was the worst-ever year for U.S. bonds. How to position your portfolio for 2023" (article from CNBC)