Episode
How Layoff News Is Hiding a Hot Job Market
21:36
Published: Mon Dec 12 2022
Description
Companies like Meta and Twitter have said that they will be cutting jobs. Google and Amazon have announced that they are putting a freeze on any new hiring.Are tech layoffs a sign of things to come across other sectors? Is this the opening bell for the bad news on the economy that many have been bracing for?Guest: Jeanna Smialek, a correspondent covering the Federal Reserve and economy for The New York Times.Background reading: President Biden is celebrating a jobs engine that is running hot; Federal Reserve officials want to see more signs of slowing growth amid their campaign to tame inflation.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Chapters
The Daily discusses the recent job cuts in American tech companies and its impact on the U.S. economy with New York Times' economic reporter, Gina Smilik.
00:00 - 00:59 (00:59)
Summary
The Daily discusses the recent job cuts in American tech companies and its impact on the U.S. economy with New York Times' economic reporter, Gina Smilik.
EpisodeHow Layoff News Is Hiding a Hot Job Market
PodcastThe Daily
The tech sector makes up only 2% of jobs in the American workforce, but is heavily relied upon for investment returns.
00:59 - 06:45 (05:46)
Summary
The tech sector makes up only 2% of jobs in the American workforce, but is heavily relied upon for investment returns. Advertising is often the first budget item to be cut in uncertain economic times, which can impact the tech industry's revenue streams.
EpisodeHow Layoff News Is Hiding a Hot Job Market
PodcastThe Daily
With a strong job market, it will be difficult for inflation to return to a normal 2 percent level.
06:45 - 12:23 (05:37)
Summary
With a strong job market, it will be difficult for inflation to return to a normal 2 percent level. A hot labor market can keep inflation elevated.
EpisodeHow Layoff News Is Hiding a Hot Job Market
PodcastThe Daily
Good job opportunities and wage growth in the short term lead to more comfortable spending, but may be potentially bad for combating rapidly increasing prices.
12:23 - 18:57 (06:34)
Summary
Good job opportunities and wage growth in the short term lead to more comfortable spending, but may be potentially bad for combating rapidly increasing prices. The New York Fed survey reports positive future wage growth prospects and consumers may just spend from their savings to ease inflation.
EpisodeHow Layoff News Is Hiding a Hot Job Market
PodcastThe Daily
NASA celebrates the 50th anniversary of the last time astronauts walked on the moon by completing a successful crewless test flight with the capsule reaching temperatures of up to 5,000 degrees Fahrenheit.
18:57 - 21:20 (02:22)
Summary
NASA celebrates the 50th anniversary of the last time astronauts walked on the moon by completing a successful crewless test flight with the capsule reaching temperatures of up to 5,000 degrees Fahrenheit. The Artemis program, aiming to bring astronauts back to the moon, is set to launch in 2025.