Why are businesses acting like there’s a recession?

Today, Explained

Vox

News, Daily News, Politics

4.3 • 10.3K Ratings

🗓️ 27 January 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Wealthy companies like Google and Microsoft are announcing unprecedented layoffs — all while the economy is trending in the right direction. Vox’s Emily Stewart explains. This episode was produced by Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Paul Robert Mounsey, and hosted by Sean Rameswaram. Transcript at vox.com/todayexplained Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	There's this seemingly contradictory phenomena occurring in the United States right now.
0:06.8	The economy appears to be heading in the right direction, right?
0:11.4	This week we learned the economy grew 2.9% in the fourth quarter of 2022.
0:15.6	Inflation is easing.
0:17.6	We saw over 200,000 new positions for people open up in December alone, but at the same
0:22.3	time some of the richest companies in the history of our planet are laying people off.
0:28.8	10,000 people cut, Google, 12,000 people, cut, Amazon, 18,000 people, cut.
0:39.3	These aren't jobs, these are people.
0:41.6	Why are these behemoth businesses acting like we are in a recession when the economy is
0:47.0	looking pretty okay?
0:48.9	That is coming up on today's blade.
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