Said another way, the job outlook for the kinds of white-collar workers that form the backbone of many of America’s largest corporations hasn’t been this tough in a decade.

Every week seems to bring a fresh chill, like Harnett’s observation, to the labor market landscape. Last week, the Fed’s Beige Book reported that companies are realizing they can simply hire temporary and contract workers to save money and avoid committing.

And then on Thursday, both Meta and Microsoft announced plans to reduce their workforce. Both were in keeping with their companies’ culture.

Meta told staff it would cut 8,000 workers, or about 10% of its staff, and take down 6,000 open roles. Microsoft extended buyout offers to roughly 7% of its staff below its most senior ranks; eligibility required that your years of service plus your age add up to more than 70.

But whether companies are soft-selling a staff cut or using blunt force to get it done, that two of the biggest names leading the AI revolution are looking to lean out their ranks is another example of why this economic moment feels so fraught and tense.

Stocks are at record highs. AI model capabilities continue to advance apace. And the opportunities to join the biggest companies at the center of this change are drying up.

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