Part 8/15:
During the pandemic, companies like Amazon staff as if demand would perpetually soar. But the supply shocks and inflationary illusions that drove that expansion have dissipated; now, the economy is correcting. Instead of continued hiring, many firms are maintaining staffing levels or reducing them, leading to a contraction that's not yet reflected fully in official unemployment statistics.
This phenomenon—labeled as the "forgot how to grow" dynamic—means that even without large layoffs, employment conditions worsen as fewer new jobs are created and existing jobs are eliminated. Amazon exemplifies this trend: after a pandemic surge, they now appear to be downsizing, marking a shift from the previous era of rapid growth.