Stevenson breaks down tech layoffs

December 12, 2022 NPR Consider This

Betsey Stevenson, NPR Consider This: "I do not think it's indicative of a sector that's struggling. I think it's indicative of a sector that had gangbuster growth over the last couple years and maybe got a bit ahead of its skis thinking that that growth was going to go on at that rate—sort of unstoppable rate and maybe overhired in some areas. We've got sectors that have been slower to recover, like leisure and hospitality or education and health services. So I think you want to think of this as a story of two parts of the economy—one part that recovered very fast out of the pandemic and maybe got a little bit ahead of itself in its time to pause, and then we've got other parts of the economy that were very slow to recover. And we saw real stagnation in any kind of sectors that involved human-to-human contact."