Companies Rebalance Their Workforce After the Excesses: Still the Most Astonishing Labor Market

May 03, 2023

by Wolf Richter Wolf Street

Before the ink even dried on the layoff announcements, tech and social media companies are already hiring again?

Companies started to rebalance their workforce, after the chaos and excesses of the pandemic. The information sector, where the layoff announcements are concentrated, worked off the entire pandemic pile of excesses, and companies started to hire again. Other sectors are still short on staff, such as teaching, or in the leisure and hospitality industry, where low wages, odd hours, and split shifts have induced workers to look for the greener grass elsewhere. In manufacturing, demand for workers is still historically high, but has come down from the astronomical zone. Retail normalized last year.