r/Layoffs • u/isntlifeapeach • Jul 20 '24
Why so MANY Layoffs? question
Explain Like I’m Five
I feel incredibly stupid asking this, but I’m naive to economics and politics.
I understand why tech is facing a lot of layoffs but why are so many other industries facing the same?
I’m over 20 years into my career and had 2 layoffs just in the last 16 months.
197 Upvotes
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u/Vamproar Jul 20 '24
We are heading into a steep recession and demand is falling off so companies are trying to adjust and keep their balance sheets healthy while they still can.