Are Big Tech layoffs an economic bellwether?
Marketplace
Marketplace
4.6 • 8.6K Ratings
🗓️ 8 November 2022
⏱️ 29 minutes
🧾️ Download transcript
Summary
Tech giants Twitter, Stripe and Lyft slashed jobs last week, and Meta will reportedly follow suit. It’s a reversal of the sector’s pandemic hiring spree and could be an indicator of wider cuts across the economy. Plus, conservative groups spend big on school board elections, Florida’s cultural institutions try to recover after Hurricane Ian, and a Supreme Court case threatens the Indian Child Welfare Act.
Transcript
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| 0:00.0 | We'll do some economic tea leaf reading, we'll talk lumber, and we'll talk Florida history |
| 0:08.6 | after Ian. |
| 0:10.9 | From American public media, this is Marketplace. |
| 0:23.8 | In Los Angeles, I'm Kai. |
| 0:25.2 | Rizdole is Monday. |
| 0:26.5 | Today, this one is the 7th of November. |
| 0:29.0 | It is always to have you along, everybody. |
| 0:31.8 | One needs not, I think, actually list the technology companies in this economy that have |
| 0:37.1 | announced layoffs or hiring freezes the past number of months to be able to make this |
| 0:41.8 | point. |
| 0:43.6 | Things ain't great in tech. |
| 0:47.2 | One need not, but one will. |
| 0:49.6 | Stripe, lift, meta's looking at layoffs this week we're told. |
| 0:52.9 | There is whatever is going on at Twitter, but look, it is possible to put too much emphasis |
| 1:01.0 | on one particular industry, one specific slice of this economy as a bellweather. |
| 1:07.1 | So Marketplace's Kristen Schwab got the, hey, could you make that sense of this for us? |
| 1:12.4 | Assignment today. |
| 1:13.4 | Remember that time a couple of years ago when the world shut down and a lot of us spent |
| 1:18.3 | a lot of time hiding from a deadly virus and we turned to social media and video conferencing |
| 1:24.2 | and online shopping. |
| 1:26.4 | That put all these tech companies behind the April in terms of having enough people in place |
| 1:32.8 | to deliver on all the demand. |
... |
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