While 120,000 people may have been recently laid off at high profile tech companies, that's only 0.07% of the jobs market. (and many of them are highly employable and have new jobs)
Indeed, but how is that number calculated? The output of an algorithm is only as good as the data you choose to incorporate into it. I think the picture is painted rosier than it is, but also I think we have ample room to fall still.
If you think it's wrong, there are other measures of household economic activity that can be used in conjunction. For instance, if people lose their jobs, they're going to spend less money, which hasn't happened yet (at least through Nov '22): https://www.bea.gov/news/2022/personal-income-and-outlays-no...
While 120,000 people may have been recently laid off at high profile tech companies, that's only 0.07% of the jobs market. (and many of them are highly employable and have new jobs)