A crypto-collapse, layoffs at Facebook and carnage at Twitter are rocking the tech industry. It’s stoking memories of the dot-com crash 20 years ago.
Economists from Goldman Sachs said they expect U.S. wages to continue to rise in 2023, though home prices could fall, according to a Nov. 6 note to clients. Barclays economists predict a “shallow recession” next year, the bank said in a Nov. 9 research note.
“We could either see this have a ripple effect through the economy, or an avalanche. The question is how people react and how they perceive this,” she said.“We’re almost certain to see more,” Pollack said. “Tech companies will be under increased pressure to cut costs and become profitable sooner.”the U.S. Department of Commerce.
Rene Ronquillo, 37, worked his way up from being a Lyft driver to a full-time job at the company as a recruiter. He expects a lot of workers will have to take pay cuts or find roles below their level of experience if they want to get a new job in this environment.Semil Shah, a general partner at venture capital firm Haystack, estimates there may be as many as 25,000 to 50,000 out-of-work tech people on the Bay Area job market over the next few months.
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