Tech Layoffs: A Global Outlook for 2024

Despite recent tech layoffs, economists are not yet seeing them as a sign of a labor market slowdown. Weekly unemployment claims remain low, indicating a strong labor market. Some economists worry about signs of slowing job growth and a declining hiring rate, but others believe that the strength of the economy and higher-than-average wage growth may be supporting workers who are laid off. Overall, the consensus is that economic growth stimulates further job growth, making it hard to see significant labor market weakness when the economy is growing.