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A large slew of tech layoffs. but what happened was during the pandemic, a lot of us turned to e-commerce. we were online and investing in tech. that of course is changing. and microsoft is saying we need to keep up with changing consumer behaviors. and one one analyst put it to t me this way. they were spending like rock stars and one analyst saying this i acourse correction, a little bit of a pulling back. but tech represents about 2% of employment. so this is a smaller base of employment compared to something like leisure and hospitality which is 11%. and we know that this morning unemployment claims came out, 190,000. that is below the norm. so we re seeing maybe in other industries that there aren t layoff happens. this is just specific to tech. and we ve heard from many other industries as well. they re having trouble hiring people and one analyst also suggesting that during this ....
Workers this week. citing an unusual and uncertain macro economic environment. there were big investments made during the pandemic time. while the rest of the economy, for example, was plummeting by 3.4%, tech grew by 4%. but in a post pandemic high inflation world, consumer behaviors and spending pat herbs are changing with the threat of recession on the horizon. i take it as a sign that companies maybe got over their skis at some point and they re trying to sit upright again. reporter: roger lee founded layoffs.fyi as the pandemic unfolded. recently he s digging deeper into the numbers. many companies letting go half or more of their recruiting hr teams just because they re not hiring as many people anymore. reporter: aaron backman a recruiter at a tech company was one of those layoffs. ....
A four decade high of 11.1%. wall street stock index futures up here. they ended the day higher. the s&p climbed to the highest level in two months. slower u.s. producer price gains in october hinting inflation is beginning to ease here. october retail sales data due later this morning. target will release quarterly earnings. walmart and home depot better than expected. gas prices sitting at $3.74 a gallon. let s bring in a retail ecommerce analyst. so nice to see you, claire. thanks for getting up early for us. inflation still blazing in the u.k. showing signs of peaking in the u.s. will that help consumers? absolutely. starting to see that inflation number come down in the most recent report and we are seeing indicators that inflation is continuing to drop based on some of the consumer behaviors relevant to inflation. seeing a little bit less sticker shock from consumers. ....
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