Newsweek
AS Bias Certification
Center Certified
Type of Content
Approved Story
1
Format
Region
News Item Format
Standard
Image Caption
ANDREW CABALLERO-REYNOLDS/AFP via GETTY IMAGES
Community
Autocurated
0
There are little signs that Americans should expect massive job losses any time soon.
Recent layoffs from the tech sector have created a sense that the jobs market may have begun to soften under the weight of high interest rates and elevated inflation. But there is evidence that Americans are learning to navigate their way around high prices and are still spending at a healthy clip, powering the economy. When job losses have emerged, businesses have absorbed them pretty quickly, economists say.
"Nothing in the data is cause for alarm, meaning it's not that we're thinking all of a sudden we'll see a spike in unemployment or a huge wave of layoffs that can't be absorbed at this point," Yelena Maleyev, a senior economist at consulting firm KPMG, told Newsweek. "Simply because of how much resilience we've seen in the consumer and how much they continue to spend and sit on excess savings as well."