[bischofs]

Is this recession going to be like the commercial production of fusion energy? Always around the corner despite nothing indicating we are anywhere near a recession.

Keep in mind it's hard to have a recession when unemployment is in the 3s, and there is still high demand for products and services across the economy. But I guess if we really want to have a recession we can.

[strangattractor]

VC's definition of recession:

The transitional period when the current next big thing you previously invested in is not delivering and has been replaced by a new and shiny next big thing with higher predicted returns.

[Cardinal7167]

They’ve gotta offload their crypto bags so they can dig in on the next wave of “x but for ChatGPT” startups.

[mouse_]

Probably, though I doubt absolutely everyone is going to stop wanting to buy new ponzi schemes, so sentiment will probably bounce around near the bottom for a while.

[canadiantim]

All the layoffs aren't an indication we're nearing a recession? Yes unemployment is currently low but I see that turning around in a big way imminently

[taylodl]

Layoffs are only in tech, which not coincidentally had been on a hiring spree since the start of the pandemic. Now they're scaling back.

The rest of the economy appears to be doing just fine.

Since tech has had many years of growth while the rest of the economy has suffered don't expect much sympathy for laid-off tech workers.

[Ataraxic]

Layoffs in tech. Not hearing much about other parts of the economy. Totally possible I haven't seen the reporting but I'd argue that tech/growth industries suffering layoffs don't really indicate a recession by itself even if they are large.

[vkou]

You're not missing anything. The Fed is on record that the economy is doing great, unemployment in the economy as a whole is non-existent, so it's going to continue raising interest rates. When your CEO tells you that we're in a tough economic climate, what she's actually saying is that we're in a tough monetary policy climate. The economy is (currently) fine.

Expect the pain in tech to get worse, much worse, before it gets better.

------

PS. Facebook is on round 2 of layoffs.

[disgruntledphd2]

> PS. Facebook is on round 2 of layoffs.

Not quite yet, but certainly by mid-April.

[JohnFen]

> All the layoffs aren't an indication we're nearing a recession?

No. The layoffs are really just in tech, and a fairly specific subset of tech companies at that. They are happening as a result of poor hiring decisions those companies made (hiring too many people).

[majormajor]

The layoffs too date are much smaller than the Covid-era hiring. Certainly a bit of a correction. But otherwise spending and jobs overall are still strong. So... which way will it go?

[kevin_thibedeau]

I'm sure some would like to replace domestic workers with H1Bs they weren't allowed to bring in for two years. Manufacture a skilled worker shortage and it all works out in their favor.

[pc86]

The majority of the layoffs are from profitable companies and they're still at or above 2020-2021 headcounts.

[noobermin]

this is a good indication of how disconnected tech workers are from the rest of the economy and the world.