‘Twas the day after the Fed meeting

When all throughout tech, workers were handed pink slips and severance checks. What’re we talking about? Well, this all happened yesterday.

• Lyft said it’s laying off 650 people, or about 13% of its workforce.
• Stripe, a payment processing platform, said it’s cutting roughly 1,100 jobs, or 14% of its employees.
• Opendoor, a real estate tech firm, announced it’s laying off 550 workers, or 18% of the company.

And in addition – also yesterday – Amazon announced a hiring freeze, and news broke that Elon Musk reportedly plans to lay off ~3,700 Twitter workers, or 50% of its workforce.

What. A. Day🥃.

💼 Big picture: The labor market is still very strong (which feels weird to write now). The unemployment rate is at a 50-year low and there are 1.7 job openings for every unemployed person.

But cracks are starting to show in some areas – cue yesterday. And Challenger, Gray & Christmas, a headhunting firm, told Bloomberg ($) that job-cut announcements were up 48% year-over-year in October, with more layoffs “on the way.”

• We’ll get more labor market data later this morning, when the next federal jobs report is released.