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Big Tech’s Layoff Wave Is an Outlier in Still-Robust Job Market

  • Companies from Amazon to Meta have announced staff cuts
  • ‘It’s not a bellwether of the entire labor market:’ economist
An empty workstation inside a office building in San Francisco.

An empty workstation inside a office building in San Francisco.

Photographer: David Paul Morris/Bloomberg

The layoffs and hiring freezes mounting at US technology companies are unlikely to be a harbinger of trouble in the broader US labor market, economists say.

While tech firms that went on a hiring spree during the pandemic-fueled e-commerce boom are now cutting back, many other industries are still struggling with labor shortages, said Jennifer Lee, senior economist at BMO Capital Markets.