Understanding the Noise About Company Layoffs

There has been a bit of noise nationally about company layoffs. Keep in mind, however, that layoffs are not occurring in business sectors that make “stuff.” In fact, in July 2022 the total number of jobs in the economy surpassed the level just before the pandemic hit. What’s more, the unemployment rate fell back to its pre-pandemic level. Nearly all the workforce reductions you’ve heard about are in the tech industry–companies like Apple, Google and Meta. These are non-manufacturers simply responding to decreased advertising spending and their own over-hiring during the pandemic. The companies that make stuff are not laying off. And that’s a good thing for many of our region’s companies.