Shocking layoff news is overshadowing a bright job market.
The slowdown isn't entirely coming from the tech sector, which is a relatively small share of labor market. Plus, those with in-demand skills are getting rehired elsewhere quickly, so many of these losses may never show up in government layoff data.Even though they've been concentrated so far, tech layoffs do have an outsized effect on worker sentiment.
As a result, job-seekers across the board report they're searching more intensely with greater urgency and are more likely to accept their first job offer without negotiating. Job-seekers are being less risky, too, and asking more about how resistant a company is to a downturn, saying they don't want to be in a"last in, first out" situation if the business takes a dive.Given the continued resilience of the job market and consumer demand, despite economic headwinds, economists and business experts agree mass layoffs aren't likely to come for the rest of the labor market anytime soon.
Instead, as of November, 52% of organizations say they're slowing their hiring plans, and 22% have frozen hiring. Penn says businesses are choosing natural attrition instead of going through a layoff.
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