Re:How much have layoffs affected engineers vs. other depart...
by hedora on Thursday October 13, 2022 @10:11PM
(#33198859)
I'm not convinced.
According to that page, we had 24.6% growth last year:
1.062 * 1.07 * 1.025 * 1.07 = 1.246..
YoY growth last quarter was 7.3%:
1.025 * 1.07 * 0.994 * 0.984 = 1.0727
The US GDP usually grows 3-4% per year. It's beat that on average since Covid started:
https://www.macrotrends.net/countries/USA/united-states/gdp-...
So, by any reasonable definition of the terms, we're simultaneously in the middle of an economic boom and a recession.
The last few years broke all sorts of macroeconomic rules of thumb.
shrug
Yes, yes we are.
> The Bureau of Economic Analysis, an independent federal agency that provides official macroeconomic and industry statistics, says "the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation" and that instead, "The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research".
https://en.m.wikipedia.org/wiki/Recession
Q2 2022 (3rd) -0.6%
Q1 2022 (3rd) -1.6%
https://www.bea.gov/data/gdp/gross-domestic-product
To be clear, I’m saying the political apparatus of the government can’t dictate terms of a recession. The definition used in the industry for decades is two quarters of negative growth —- I’ll use the industry standards, not the politically appointed group.
Regardless, the UK pension funds just had to be rescued by the Bank of England. Bond interest is exploding and what’s about to happen is all the government debt is going to have high interest rates.
To the point, credit is about to become VERY expensive. Idk what’s about to happen, but it’s going to be painful.