Particularly I've wondered why hiring seems to be going up in other industries but down in tech.
Higher interest rates seems like the most likely cause to me, but wouldn't that have the same impact on other industries?
Interested in HN's theory of mind on it.
The big tech / profitable companies are taking advantage of this and using opportunity to cut labor costs. Add to this the fact that they did overhire during pandemic, layoffs make sense.
But I agree with your point in that it's also highly overrated in terms of its importance generally, and largely distraction/entertainment based.
The real heavy lifters like running water and electricity, food production and transport, without which we'd devolve into chaos within 48 hours, are largely taken for granted.
People probably don't think about the fact that that every morning, you can get up in a nice heated house/apartment, use the toilet and not give it a second thought, have a hot shower and a nice breakfast, and that's probably more important than a lot of what, say, Facebook offers.
Recent tech layoffs have left many questioning the industry’s stability. However, a closer look reveals that these layoffs are not a sign of economic struggles, but rather a strategic move by tech companies to realign their priorities and invest in the future. The tech sector is pouring billions of dollars into artificial intelligence (AI) while simultaneously implementing workforce reductions, signaling a deliberate shift in focus and strategy.
OPINION:
Generative AI may be headed for the trough of disillusionment.
When everyone and everything has it, what's the novelty? Made in China AI tchotchkes will be cheaper, and people will seek out things that add real meaning to life, instead of a computer-programmed existence (the dream of our sociopath tech-lords). Oh, that would be The Matrix.
And companies will beg techies ( and non-techies! ) to come back.