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What is project specific BGC in TCS?
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Any idea on Mckinsey solutions ?
Rising Star
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Rising Star
Primarily the tech sector has been doing layoffs. Other businesses continue to hire. Blue collar jobs are still exploding
Chief
Unemployment numbers go from 3.5% to 3.7% in a couple months and this entire app loses their minds over layoffs. Sad
Meanwhile peak economic boom in 2007 was 5.5%. We’d have to lose like 20m jobs just to get back to past peak economic strength
You guys need to breathe. I lived through Enron. I lived through 2008. It will all be fine.
Partner 1 nailed it.
Everyone on this app is like “I just got two job offers for $300k but I’m worried about the recession” and it’s like…you dont hear yourself do you
It’s a magical recession where we have to rely on a definition, because without that definition, we are in a gilded age if prosperity. Like… record high wages, lowest bankruptcies in decades, the tightest labor market we’ve seen in like 50 years, the largest growth of wealth in history, the fastest job growth in history. I mean, call it a recession if you like but someone forgot to tell the economt
Hasnt even started yet lol
D1, look at every single economic indicator in existence. Worst case we’re like 5 years away from a real recession
Rising Star
We are actively hiring, it’s all fine
Pro
It’s here but layoffs have been really light. It’ll pick up soon I’m thinking
You’d have to lay off like 20 million people before it even got to the peak economic boom prior to 2008. That’s how good our economy is right now
For reference, we have 3.5% unemployment now, and 2007 had 5.5% unemployment
Chief
Be definition we’ve been in a recession all year. We had GDP decline in Q1 and Q2 of this year. So we are currently experiencing a recession. While some industries are experiencing layoffs more than others, primarily tech, unemployment is still low. So to answer your 2nd question, yes I have heard of layoffs and hiring freezes in tech but not so much in other industries at this point in time.
Op, you will have no need to ask this question once sh*t actually hits the fan.
This is weird environment. Inflation is hot and GDP is stagnant but unemployment is still historically low. As long as Powell doesn’t continue his boneheaded crusade to destroy the markets and economy we should be fine.
My company can’t hire people fast enough. We just doubled our referral bonus. These are not recession conditions
Maybe I should be looking at Deloitte then.
I was laid off recently and know several others at Accenture too.