Despite aggressive federal rate hikes, November jobs data beat consensus estimates. Nonfarm payrolls increased by 263,000, surpassing Dow Jones Economists' forecasts by 31.5%, while the unemployment rate came in at 3.7%. Consequently, the federal rate hikes are expected to continue for the time being, which might hurt the tech sector further.
However, tech industry experts hope companies will manage through any potential downturn. Ken Englund, EY Americas Technology, Media, and Telecommunications Leader, said, "Tech companies are very agile, and that's a benefit for them during these times."
