Not at all. Layoffs are attempts to improve profitability in a macro with a ~5% target rate. When the Fed decides to lower rates in the next 12-18 months, it’s going to stoke the labor market further.
https://www.axios.com/2024/02/02/layoffs-chart-statistics-da...
https://www.axios.com/2024/02/02/us-economy-labor-market-str...
https://www.axios.com/2024/02/02/us-jobs-report-january-2024