Eurodollar University WTF Is Happening To The Job Market?!
Mar 2, 2026
Steve Van Metre, economic and markets commentator who analyzes labor and credit cycles, joins to unpack recent tech layoffs. He discusses how pandemic overhiring and weak demand, not AI magic, drove cuts. They explore why AI is cited as a convenient scapegoat, the immaturity of AI deployments, and how credit and demand shape hiring decisions.
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AI Is A Cover For Pandemic Overhiring
- AI is being used as a convenient explanation for layoffs but the core issue is overhiring during the pandemic boom.
- Jeff Snider argues Block hired for a recovery that never materialized and is now right-sizing payrolls, not wholesale AI replacement.
Weak Demand Not AI Explains Job Anxiety
- The labor market has held up longer than many expected despite pervasive job anxiety because demand is weakening, not because AI is already replacing workers.
- Steve Van Metre highlights falling backlogs and weak new orders as the real drivers behind cautious corporate layoffs.
Right Size Payrolls To Actual Demand
- Right-size your business to reality rather than hype; firms should shrink payrolls to match actual demand before chasing future productivity gains.
- Jeff Snider says Block aims to be leaner so it isn't carrying "dead weight" from pandemic hiring.