Facebook lays off 11,000 people

[Scott Mac]

And So It Begins (once again):

In the past couple of weeks:

-- Facebook = 11,000 people unemployed (13% of it's employees gone in one day)

-- Twitter = 50% of it's people laid off 

-- Zillow = 5% of its people laid off 

-- Peloton = 12% of it's people laid off 

-- Tesla = 10% of it's Salaried people (vs assembly workers)

-- Juul Vaping 400 people gone.

https://www.reuters.com/technology/meta-cut-more-than-11000-jobs-one-biggest-us-layoffs-this-year-2022-11-09/

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As the higher paying jobs are lost, the people may leave the area. 

With the decrease in good paying jobs, the secondary job workforce will also decrease. 

These secondary workers work at service related businesses that support the higher paid workers, for example:
-- Food service workers
-- Retail workers
-- Bank workers
-- Health care workers (including physicians and dentists as the Health Insurance for all of the laid off workers is now gone)

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For each higher paying job lost it is said 2 to 3 secondary jobs will also go (laid off). 

With both the higher payed and secondary workers unemployed, the need for rental housing (ability to afford it)  in the area may decrease--possibly leading to lower rents. 

Just my 2 cents.

[Bruce Woodruff]

I thought employment numbers were up? :-)