IT industry has benefited the most from COVID along with drug companies, due to that, many if not all of them over hired by like 20% or much more, that's the main reason they're cutting ~10% across the board now when COVID goes away, it's a normal business boom and bust cycle decision to me.
Even though the macro economy are not bad or just fine, that still can't justify the crazy hiring those companies did in the last 3 years, thus the lay-offs.
On top of that, we have been in booming cycle since 2008, which is a long stretch, some adjustment is due.
Even though the macro economy are not bad or just fine, that still can't justify the crazy hiring those companies did in the last 3 years, thus the lay-offs.
On top of that, we have been in booming cycle since 2008, which is a long stretch, some adjustment is due.