The Daily

How Layoff News Is Hiding a Hot Job Market

Dec 12, 2022

Jeanna Smialek, a New York Times correspondent covering the Federal Reserve and the economy, dives into the contrasting realities of the job market. She discusses how tech layoffs, although significant, only impact about 2% of overall employment. Despite the headlines of job cuts, sectors like leisure and hospitality continue to thrive. Jeanna also explores the connection between a hot job market and rising inflation, revealing consumer resilience through pandemic savings even amid economic uncertainties.

21:36

Creator website

Episode guests

Jeanna Smialek

AI Chapters

Episode notes

Intro

2min

Tech Layoffs in Perspective

7min

The Paradox of a Thriving Job Market

4min

Consumer Resilience Amid Economic Uncertainty

8min

Economic Worries, Humanitarian Efforts, and Milestones in Space Exploration

4min

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:

President Biden is celebrating a jobs engine that is running hot; Federal Reserve officials want to see more signs of slowing growth amid their campaign to tame inflation.

For more information on today’s episode, visit

nytimes.com/thedaily

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

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