Part of what has made America’s job market so tight is that big, publicly traded companies hired like crazy after the pandemic struck. Now that many are slamming into reverse, it seems like there is a wave of unemployment under way.
Amazon.com, Disney and Facebook parent Meta Platforms are all suddenly recognizing that they overhired and are firing workers. For the people affected, job losses are horrible. But when it comes to the job market, rather than thinking of these layoffs as a sign things are falling apart, they might be an indication that it could come into better balance.