Economists have been warning about the layoff season looming. It was kicked off this week with Goldman Sachs. The company announced it would lay off hundreds as early as next week.
The pandemic created a workers’ market where many were choosing not to return to work, leaving employers scrambling. The boomerang effect could be likened to the 2008 layoffs, which also started on Wall Street with Lehman Brothers.
Economists say that most employers will hold off until after the holiday season but once the clock hits on 2023, the tables will turn to an employers’ market. Wall Street darling Rent the Runway also announced that it would lay off 24% of its workforce after reporting $878 million worth of losses as of this summer.
