Amid a wave of Big Tech layoffs, the U.S. economy added more than half a million new jobs in January, the Labor Department said Friday. How did that happen?
The tens of thousands of layoffs in tech and the media industry do appear somewhat in the data for the information industry, which showed a net loss in jobs for the second month in a row. There were 5,000 jobs lost in information, according to Bureau of Labor Statistics data, but the numbers show that most industries added jobs last month, for a total of 517,000 new positions.
“We shouldn’t over-read tech layoffs as a sign for the overall labor market,” said Michael Boskin, an economics professor at Stanford University. In-depth: ‘It is an employer’s market’ — Tech layoffs may have turned the Great Resignation into the Great Recommitment “Typically, the layoffs announced account for less than 1 percent of their total workforce, and do not tell us how many new hires these companies are making,” said Ann Harrison, dean at the UC Berkeley Haas School of Business, adding that net employment at some tech companies may not have changed at all.
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