Narratives aren’t reality. That’s the takeaway with so many things in markets, with tech layoffs being the most recent example. For over a year, headlines about mass tech layoffs looked like the harbinger of a looming recession.

Yet, focusing on layoff headlines hardly tells the whole story. At Big Tech employers, recent layoffs have barely made a dent in their total workforces, which have expanded hugely since 2018.

💭 If anything, they look more like a natural pullback after years of aggressive hiring than a full-blown recession indicator.

Our Chart of the Day shows more.

— Matthew & Shawn

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