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Lyft to lay off about 700 employees in second round of job cuts

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Re: Lyft to lay off about 700 employees in second round of job cuts

#41

Post by WillPostForFood »

spaceman_2020 wrote: post #31
4gotunameagain wrote: post #11

Ask HN: Isn't recession just mass hysteria ? Layoffs leading to more layoffs leading to the entire economy slowing down ?

I don’t see any mass layoffs among manufacturers, commodities producers, and energy companies More like a long overdue correction in tech. Some of these businesses have been around for nearly 15 years and haven’t had a single year of consistent profits. It was about time that markets humbled them.

There were huge layoffs in energy throughout 2020 and 2021, and while employment levels have been increasing, they are still far below 2019 levels. The correction has already happened in energy, triggered by COVID shutdowns, so they don't need to happen again now (hopefully).

Re: Lyft to lay off about 700 employees in second round of job cuts

#42

Post by im-a-baby »

JumpCrisscross wrote: post #34
im-a-baby wrote: post #30

Earlier quoted context omitted.

Powell has previously said that he wants higher unemployment. He believes this is the only way to decrease demand and bring down prices. > The labor market continues to be out of balance, with demand for workers substantially exceeding the supply of available workers. The labor force participation rate showed a welcome uptick in August but is little changed since the beginning of the year. FOMC participants expect su…

> has previously said that he wants higher unemployment He has not. I am open to being corrected with a credible source. But every time I see this conspiracy theory, it’s based on summaries of Fed statements unsupported by the statements themselves. > is why the market goes down when low unemployment numbers are released Because the market is anticipating rate hikes. When inflation is low strong employment boosts the…

I gave you direct quotes from Powell's September Press Conference.

https://www.federalreserve.gov/mediacenter/files/FOMCprescon...

He goes on to say that supply and demand for workers needs to be brought into balance. The goal of raising interest rates is to reduce demand for labor. He says that directly. This isn't a conspiracy theory.

Re: Lyft to lay off about 700 employees in second round of job cuts

#44

Post by melling »

4gotunameagain wrote: post #11

Ask HN: Isn't recession just mass hysteria ? Layoffs leading to more layoffs leading to the entire economy slowing down ?

We could have raised rates a few years ago but the markets panicked , the President complained, and the Fed caved.

https://www.cnbc.com/2018/10/24/interest-rates-trump-attacks...

We deserve the world we have.

Re: Lyft to lay off about 700 employees in second round of job cuts

#45

Post by gitfan86 »

spaceman_2020 wrote: post #31
4gotunameagain wrote: post #11

Ask HN: Isn't recession just mass hysteria ? Layoffs leading to more layoffs leading to the entire economy slowing down ?

I don’t see any mass layoffs among manufacturers, commodities producers, and energy companies More like a long overdue correction in tech. Some of these businesses have been around for nearly 15 years and haven’t had a single year of consistent profits. It was about time that markets humbled them.

Yes, tech businesses built up a lot of unnecessary employees during the boom and didn't want to have layoffs for morale and PR reasons.

Re: Lyft to lay off about 700 employees in second round of job cuts

#46

Post by silveraxe93 »

jeffbee wrote: post #37

Although I do think an industry downturn is here/coming, I don't think Lyft is part of the trend. Lyft, specifically, is just a bad company. It has never made an annual profit, will never make an annual profit, and is gravely overstaffed for its operations. Liabilities are approaching assets on the balance sheet. They have to cut somewhere. They already shed their useless little autonomous driving division, and I exp…

But that's the point right? The economy was flush with cash and bad companies were alive that shouldn't be. It was unsustainable.

Now we're just seeing the good companies slimming down and bad ones failing.

Re: Lyft to lay off about 700 employees in second round of job cuts

#47

Post by zeroonetwothree »

JumpCrisscross wrote: post #34
im-a-baby wrote: post #30

Earlier quoted context omitted.

Powell has previously said that he wants higher unemployment. He believes this is the only way to decrease demand and bring down prices. > The labor market continues to be out of balance, with demand for workers substantially exceeding the supply of available workers. The labor force participation rate showed a welcome uptick in August but is little changed since the beginning of the year. FOMC participants expect su…

> has previously said that he wants higher unemployment He has not. I am open to being corrected with a credible source. But every time I see this conspiracy theory, it’s based on summaries of Fed statements unsupported by the statements themselves. > is why the market goes down when low unemployment numbers are released Because the market is anticipating rate hikes. When inflation is low strong employment boosts the…

> We’re never going to say that there are too many people working

Re: Lyft to lay off about 700 employees in second round of job cuts

#49

Post by JumpCrisscross »

im-a-baby wrote: post #42
JumpCrisscross wrote: post #34

Earlier quoted context omitted.

> has previously said that he wants higher unemployment He has not. I am open to being corrected with a credible source. But every time I see this conspiracy theory, it’s based on summaries of Fed statements unsupported by the statements themselves. > is why the market goes down when low unemployment numbers are released Because the market is anticipating rate hikes. When inflation is low strong employment boosts the…

I gave you direct quotes from Powell's September Press Conference. https://www.federalreserve.gov/mediacenter/files/FOMCprescon... He goes on to say that supply and demand for workers needs to be brought into balance. The goal of raising interest rates is to reduce demand for labor. He says that directly. This isn't a conspiracy theory.

> goal of raising interest rates is to reduce demand for labor. He says that directly

None of your quotes say that.

Re: Lyft to lay off about 700 employees in second round of job cuts

#50

Post by andrekandre »

im-a-baby wrote: post #30
JumpCrisscross wrote: post #23

Earlier quoted context omitted.

> Powell complained about the labour market being tight No, he didn’t [1]. He justified a rate rise in a faltering economy by pointing to the labor market’s strength. Were the labor market weaker we’d be in stagflation and monetary policy would have no room to manoeuvre. [1] https://www.federalreserve.gov/mediacenter/files/FOMCprescon...

Powell has previously said that he wants higher unemployment. He believes this is the only way to decrease demand and bring down prices. > The labor market continues to be out of balance, with demand for workers substantially exceeding the supply of available workers. The labor force participation rate showed a welcome uptick in August but is little changed since the beginning of the year. FOMC participants expect su…

  > He's absolutely determined to increase unemployment via rate hikes.
either i'm deluded or there has to a better way to run an economy than this...
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