by Wolf Richter, Wolf Street:

In tech & social media, the labor market got shot. In the rest of the economy, it remains very tight.

The announcements of global layoffs by tech and social media companies and by startups make all the news. But these are announcements, not actual layoffs, and they’re global, with only part of them in the US. Tech and social media are a relatively small part of the US economy, while companies in much larger other sectors are trying to hire. Boeing, which added 14,000 employees in 2022, said it wants to hire an additional 10,000 people in 2023, most of them in its business units, engineering, and manufacturing. Chipotle said it will hire 15,000 people in 2023. Other companies are trying to hire as well, in a labor market that remains tight.