Despite recent headlines about layoffs at major companies, overall job cuts remain below pre-pandemic levels, indicating some confidence among employers to retain existing staff.
Historically, layoffs have not begun until an economic downturn is in full swing. In 2008, job cuts only surged after Lehman Brothers collapsed.
In 2001, even as unemployment rose, layoffs remained stable aside from a brief fall spike, suggesting that increases in unemployment do not immediately lead to layoffs.
Even though applications for unemployment benefits recently dropped after a spring and summer rise, layoff trends alone do not predict economic stability accurately.
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