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Widespread tech layoffs not representative of broader labour market

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2 years ago

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Widespread tech layoffs continue, but Morgan Stanley says they’re not representative of the broader labour market

As widespread tech layoffs continue, some analysts are predicting the broader labour pool will be ok.

Meta, Amazon and Twitter are just a few of the many tech-based companies that have shown thousands of employees the door over recent weeks.

The massive staff cuts are happening at rates not seen since the early days of the Covid pandemic.

But despite this, analysts at Morgan Stanley analysts say the broader labor pool is not in danger – at least, not yet.

They believe the large market cap of tech firms coupled with excessive hiring is resulting in the sector’s recent layoffs.

It’s also important to note that layoffs since December 2020 equate to 187,000.

While this is a sizeable figure in itself, it’s also barely more than 0.1% of total U.S. payrolls.

Regardless, Morgan Stanley still anticipates a “sharp” drop-off in employment growth, citing slower consumer demand as a trigger for hiring cutbacks across most sectors.

For senior executives at broader markets, Morgan Stanley says “it is important for companies to evaluate how to better manage cash flow” as they adjust to a “slower ’23 world.”

 

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William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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What to expect for IPO markets

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21 hours ago

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September 13, 2024

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With high interest rates and geopolitical uncertainty–what’s in store for IPO markets?

As the second half of 2024 begins, the IPO market is poised for a potential rebound after a sluggish start to the year.

With improving economic conditions and renewed investor confidence, more companies seem to be considering going public, creating market optimism.

However, challenges such as inflation and geopolitical uncertainties remain key factors to watch.

Dean Quiambao, a partner at Armanino joins Veronica Dudo to discuss what experts are predicting for the IPO landscape in the coming months and how businesses are positioning themselves for success.

#IN AMERICA TODAY #trending #IPO #IPOmarkets #ratecuts

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ASX positioned for strong start after positive stock rebound

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4 days ago

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September 10, 2024

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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4 days ago

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September 9, 2024

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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