Tech industry layoffs lead to concerns about the economy
November 17, 2022
More than 28,000 people will lose their jobs due to layoffs at Amazon.com, Meta and Twitter. The economic effects will be felt in the communities where laid-off workers live but are not an indicator that a recession is coming. “If people lose their jobs, they spend less money in the area they live. But I think the sort of direct knock-on effect is much smaller than your traditional mass layoffs, in say manufacturing,” said Jason Furman, an economics professor at Harvard University.
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