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Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024 (finance.yahoo.com)

submitted 8 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024::Despite a booming U.S. economy and significant advancements in the tech sector, including a robust performance by companies like Nvidia Corp. and a thriving artificial intelligence (AI) industry, tech companies have continued to lay off workers at an alarming rate in 2024. The tech-heavy Nasdaq index has shown an impressive uptick and the U.S. economy added 353,000 jobs in January, outpacing economists’ forecasts. However, this overall economic strength masks a wave of layoffs in the tech sector

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[–] shortwavesurfer@monero.town 18 points 8 months ago* (last edited 8 months ago) (1 children)

Because the economy is so great. /S. Please ignore the fact that we just went through nearly 20% inflation and that now, small and mid-sized banks will begin crashing like dominos, because of their exposure to commercial real estate, when everybody wants to work from home. Mild recessions are necessary. Not severe ones, for sure, but some is necessary.

And this can all be laid at the feet of the Federal Reserve, which is not Federal, and has no reserves, and counterfeits money with the blessing of the government.

[–] CaptainSpaceman@lemmy.world 3 points 8 months ago (1 children)

Seeing your @monero.town address made me love this comment even more

[–] shortwavesurfer@monero.town 3 points 8 months ago

You are most welcome.