this post was submitted on 01 Mar 2024
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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 9 months ago by L4s to c/technology
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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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[–] [email protected] 22 points 9 months ago (3 children)

The US economy is booming?

[–] june 18 points 9 months ago

In every way that matters to corps, yes.

For the rest of us who are getting laid off, not so much.

[–] essteeyou 9 points 9 months ago

Profitability is up, but that's partially because of the layoffs not despite them.

[–] BrightCandle 5 points 9 months ago

GDP is doing just fine, its just that there is a class warfare where wages are being suppressed significantly by corporations with State help and so most people are getting poorer as the wealthiest get richer faster than ever before.