employees at companies from Asana to Amazon and Meta have had their ranks winnowed by massive cuts not seen since the early days of the COVID-19 pandemic, but in a new note, Morgan Stanley analysts say they don’t view these layoffs as a ‘harbinger of changes’ for the broader labor pool.
But as the analysts noted, tech layoffs since December 2021 “only sum 187,000 a sizeable number for the sector [but] barely more than 0.1 per cent of total US payrolls.” Morgan Stanley still anticipates a ‘sharp’ dropoff in employment growth, citing slower consumer demand precipitated by higher Federal Reserve rates as a trigger for hiring cutbacks “across most sectors of the economy.”But for those analysts, the likelihood of major job cuts in non-tech industries remains unlikely. Morgan Stanley analysts pointed out the simple reality: “the [US] economy at large remains short-staffed.
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