[ianai]

Forgetting which bit of macroeconomics this comes from, but the labor market is one of the slowest to settle (i.e. find equilibrium). Capital (real estate/manufacturing investments, stuff used to make stuff) are the slowest. So the capital unemployment rate should generally be greater than the unemployment rate, for instance.

The anecdote of Tesla posting a bunch of jobs just before the 10% reduction was announced comes to mind. Lagging indicator stuff.

[LanceH]

I find it matters a lot with what sort of tech work you're doing. If you are operations, a big company needs to keep their current stuff up and running. Exploratory new programs shrivel up when things get tight, though.