What we’re reading (2/9)
“Utopia Or Bust” (Bradford Delong, Project Syndicate). “The grand narrative of 1870-2010 was about technological triumph, coupled with social-organizational failure. The post-2010 grand narrative has yet to be written, mainly because humanity has been taking hesitant steps in at least four directions.”
“What Recession? Some Economists See Chances Of A Growth Rebound.” (New York Times). “Many economists and investors had a clear narrative coming into 2023: The Federal Reserve had spent months pushing borrowing costs rapidly higher in a bid to tame inflation, and those moves were expected to slow growth and the labor market so much that the economy would be at risk of plunging into a downturn. But the recession calls are now getting a rethink.”
“Yahoo To Lay Off 20% Of Its Workforce” (CNN Business). “A Yahoo spokesperson told CNN that the company’s legacy ad tech division, Yahoo for Business, will be overhauled and transformed into a new division called Yahoo Advertising. As part of that change, Yahoo plans to cut nearly 50% of the division this year, ‘including nearly 1,000 employees this week,’ the spokesperson said.”
“Layoffs Watch ’23: JPMorgan Chase” (Dealbreaker). “Mortgage rates are dropping. The housing market is showing signs of life. Refinancings are up. Manhattan rents are higher than ever. All too late, apparently, for some hundreds of JPMorgan mortgage employees about to join the thousand or so of their former colleagues (and 6,000 other new layoff victims) in the tightest job market in a half-century.”
“Mass Layoffs Or Hiring Boom? What’s Actually Happening In The Jobs Market” (Wall Street Journal). “The U.S. added 1.1 million jobs over the past three months and ramped up hiring in January. That appears puzzling, given last year’s economic cool down, signs that consumers are pulling back on spending as their savings dwindle, and a stream of corporate layoff announcements, particularly in technology. Driving the jobs boom are large but often overlooked sectors of the economy. Restaurants, hospitals, nursing homes and child-care centers are finally staffing up as they enter the last stage of the pandemic recovery. Those new jobs are more than offsetting cuts announced by huge employers such as Amazon.com Inc. and Microsoft Corp.”
