Because there is no recession. It is merely a correction from the economic party of 2021 where they are now naming it the “pandemic hiring spree” along with record low interest rates, record high home prices, record high stock markets and record high cryptocurrency which all happened in less than a year and made everyone rich. The world is now normalizing to some degree.

Seems to be the best explanation for a very weird time in our economy. The tech industry seems to be a good microcosm of it. Tens of thousands of layoffs. Why? Because during the pandemic they were hiring tens of thousands of people to meet increased pandemic driven demand. Their businesses aren't going bust, they're returning to pre-pandemic levels. As someone engaged in hiring, I only hope this brings some labor elasticity to the larger employment market. Although I don't know if we'll see pre-pandemic levels in that regard for the rest of my career. Millions of people dropped out of the labor market or died, and even for many of the ones who are alive I don't see them coming back.