Where the layoffs are: white collar over blue collar
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In the wake of the unexpectedly strong pace of hiring in January, many are questioning how the labor market is still so tight with many layoffs announced.
"Many parts of the labor market remain tight after the Great Resignation during COVID dramatically reduced the labor participation rate," BofA equity strategist Savita Subramanian wrote in a note. " But layoffs have been prominent at a number of large firms, primarily Big Tech."
"Employment in professional and business services is 7.3% above February 2020 levels, while employment in leisure and hospitality is still 5.5% below its pre-pandemic peak," Subramanian said. "Relative to prior recessions, any downturn in the labor market could mean high income workers are suffer more than low to mid-income workers (though the risk that the initial impact to high income households spills over to impact everyone cannot be ruled out)."
According to BofA, recent signs include:

Job losses at big employers in December.
Deeply negative real wage growth in highest income tranche vs. lowest income.
Hiring freezes and layoffs from high paying sectors.
Trade-down mentions to record highs, with "Walmart (WMT) "citing the highest growth in consumers in the 100K+ income segment."

Announced layoffs from growth companies since H2 2022 with cost savings (if available):

Alphabet (NASDAQ:GOOG) (GOOGL), layoffs 12,000
Meta (META), 11,000, estimated cost savings $6B
SNAP (SNAP), 1,280, $500M
Playtika (PLTK), 850, $90M
Uber (UBER), 60
DoorDash (DASH), 1,250, $125M
Lyft (LYFT), 760, $76M
Amazon (AMZN), 18,150, $2.723B
Wayfair (W), 870
Zillow Group (ZG), 300
Redfin (RDFN), 1,332
Opendoor Tech (OPEN), 550
Carvana (CVNA), 1,500
Upstart Holdings (UPST), 140, $14M
Cardlytics (CDLX), 51, $15M
Viant Technology (DSP), 46, $10M
Peloton (PTON), 4,084, $475M
Wix.com (WIX), 100, $11M
Fiverr (FVRR), 60, $7M
BlackLine (BL), 95
Salesforce (CRM), 8,000, $1.8B
Duck Creek Technologies (DCT), 40, $4M
DocuSign (DOCU), 720
8x8 (EGHT), 200
Everbridge (EVBG), 200
Freshworks (FRSH), 90
Informatica (INFA), 450
Kaltura (KLTR), 76
LiveVox (LVOX), 15
Microsoft (MSFT), 10,000
UPath (PATH), 210
RingCentral (RNG), 392
Shopify (SHOP), 1,000
Splunk (SPLK), 230
Twilio (TWLO), 858
Unity Software (U), 300
Qualtrics International (XM), 270
Dell (DELL), 6,650

Total layoffs: 84,179 Cost savings: $11.85B
Bespoke Invest on why layoffs are still not showing up.