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Comment by blantonl | Hacker News Reader

Some things to consider

* Job markets are still extremely strong

* We're seeing June numbers. Gas prices lately have plunged relative to where they were

* supply problems are moderating

The one thing the fed should be worried about is another unexpected supply shock -either a COVID wave that affects Asia etc, or natural disaster that drastically affects energy. Then, the economy is in a deep bind and the fed has their hands tied.

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> We're seeing June numbers. Gas prices lately have plunged relative to where they were

This doesn't match what I am seeing. Gas prices seem just as high as they were a month ago, if not slightly higher.

Over US Gasoline prices have dropped almost 7% in the past 30 days, in the middle of the summer. That's a pretty drastic drop.

https://ycharts.com/indicators/us_gas_price

Well, it would be nice to be where they are dropping that much. According to GasBuddy's charts Portland, Or has only seen a 2-3% drop in prices since the peak.

They are down about 7% over two weeks in my New England city. A bit moreso in the rural areas. OP can call it a "plunge" but it's down from literally the highest I've seen it in recent history to just slightly less of the highest I've seen it in recent history.

> Gas prices lately have plunged relative to where they were

Where I am I wouldn't really call it a plunge. It was $5.50-6 a month ago, now it's $4.90-5.50 but it was $3.50-3.90 in 2020-2021.

> * Job markets are still extremely strong

Less so in Silicon Valley (which should be relevant to the HN crowd), as far as I can tell working at one of the relatively few Silicon Valley tech companies that hasn't slowed hiring yet.

I've still not heard of any engineers failing to find jobs. There's just less desperation by recruiters.

There have been a sharp uptick in layoffs...but it seems like those folks are getting snatched up almost as soon as they're let go the market is so hungry for talent.

The market has cooled off but the prior market was ridiculously hot. Still many good jobs to be had in tech

It was ridiculously hot but I would compare it to brakes being slammed with so many companies instating hiring freezes or slow downs like Meta, Snap, Salesforce, Microsoft, Uber, Robinhood, and Stripe.

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