Big Tech results to test whether layoffs is passing phase or indicator of recession
The earnings and share prices of Big Tech are closely watched as indicators of recession in the US. Between them, the tech giants had announced 87,330 global job layoffs by the end of February.
A slew of Big Tech corporate earnings this week, including results from Google, Microsoft, and Facebook owner Meta, which account for many thousands of jobs in the Irish economy, will help test whether a rapid round of global layoffs is set to pass quickly, or is a warning that recession is looming in the US.
The tech corporates, which also include online shopping giant Amazon, troubled social media giant Twitter, and payments firm PayPal, between them announced 87,330 global job layoffs by the end of February, according to estimates by the Central Bank.
