Shares of Meta, Alphabet Inc., Amazon, Microsoft and others have all suffered after a string of earnings that disappointed Wall Street.
Tech hiring took a dip after the Federal Reserve began aggressively hiking interest rates earlier this year, a new analysis from ZipRecruiter suggests. The Fed has raised rates six times this year, including four 0.75-percentage-point hikes in the key rate starting in June. That has pushed the short-term borrowing rate to a target range of 3.75% to 4%, making car loans and credit-card debt more expensive. It also makes it more difficult for high-growth stocks...
The Fed’s actions have made it harder for the interest-rate sensitive tech sector, said Julia Pollak, chief economist at ZipRecruiter, a job search engine. The high interest-rate environment has made borrowing more expensive, and a strong dollar depletes the value of income from foreign markets. What’s more, high-growth tech stocks are vulnerable to rising interest rates, which reduce the value of future earnings. Shares of Facebook parent Meta Platforms Inc. META , Google parent Alphabet Inc.
Employers are seeking to fill fewer entry-level tech roles. On Nov. 15, only 2.7% of the active job postings for data engineers on ZipRecruiter were looking for “junior,” “entry-level” or “level I” candidates. Demand was even lower for enterprise resource development engineers , software developers , software engineers and systems engineers .
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