The most recent Labor Department data shows that the U.S. labor market is still tight, and workers have more bargaining power than ever.
But over the past few weeks, many employers started scrambling to tighten their budgets due to rising inflation, rumblings of a looming recession and swings in the crypto market. Tech giants like Uber and Meta said they’d scale back hiring, while others including Robinhood, Peloton and Carvana conducted layoffs.