Re:Gitlab to lay off 7% of staff
by jlmorton on Friday February 10, 2023 @12:18PM
(#34742601)
> But it was expected we would lose 3m seasonal jobs. So voila!
This is not smoke and mirrors, it's a seasonal adjustment. Without these seasonal adjustments, the jobs report would be completely and utterly useless. We always lose a massive number of jobs in January after the holidays, each and every year. Removing that seasonal variation from the jobs report is the only thing that produces a useful signal, and it's something we've been doing for your entire life, so there's no difference in the trend.
The economy is quite good. Record low unemployment, near-record high job openings, very low long-term unemployed, low part-time for economic reasons, rising wages, modest inflation over the past six months, record-high corporate earnings. There are some areas that are weak, particularly manufacturing, but it's just not even remotely true that the economy sucks.
This is not smoke and mirrors, it's a seasonal adjustment. Without these seasonal adjustments, the jobs report would be completely and utterly useless. We always lose a massive number of jobs in January after the holidays, each and every year. Removing that seasonal variation from the jobs report is the only thing that produces a useful signal, and it's something we've been doing for your entire life, so there's no difference in the trend.
The economy is quite good. Record low unemployment, near-record high job openings, very low long-term unemployed, low part-time for economic reasons, rising wages, modest inflation over the past six months, record-high corporate earnings. There are some areas that are weak, particularly manufacturing, but it's just not even remotely true that the economy sucks.