Germany and the rest of the EU have been "at the brink of a recession" for well over a year. (Remember the gas price increases started in October-November 2021, before the war.) Compared to a year ago, a recession seems almost unlikely by now, and if any, seems like it would be small. The US also seems to have avoided a recession. So this is strange timing to me.

I also don't see any companies outside tech doing massive layoffs.