But don’t let the jobs boom lull you into a false sense of employment security. Job cuts and pauses on hiring are beginning to flow across the tech sector, which boasts some of the most valuable companies in the world. That’s bad news for the economy as a whole.
What’s happening: Tech companies are announcing an alarming number of layoffs and hiring freezes.
▸ Amazon announced on Thursday that it is pressing pause on corporate hiring. “We anticipate keeping this pause in place for the next few months, and will continue to monitor what we’re seeing in the economy and the business to adjust as we think makes sense,” wrote Beth Galetti, senior vice president of people experience and technology at Amazon (AMZN) in a note to employees. Late last month, Amazon forecast its revenue for the holiday quarter would be lighter than analysts had expected, causing its stock to fall sharply. Shares of Amazon are down more than 47% this year.▸…
