Layoffs at Big Tech Firms Belie Broad Job Market Resilience
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Recent layoff news from big companies does not reflect what's happening in the broader job market, where the layoff rate has stayed low.
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The current layoff rate of 1.0% has persisted over recent months and is near pre-pandemic levels.
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Some tech layoffs aim to rebalance workforces after significant hiring in 2021, not industry-wide workforce reductions.
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There were still 9 million job openings in December amid layoff announcements.
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Hiring has cooled but remains decent, signaling the job market is not deteriorating dramatically.