Mass layoffs from the tech industry to transportation have been making headlines this month, but an economist said it does not indicate a weakening economy.

Dr. Fred Floss, co-director of the Center for Economic Education at SUNY Buffalo State, said there are a few reasons this is happening:

• Companies tend to reassess at this point in the fiscal year after the holidays
• This is the time of year provisional workers, hired for the holidays, are laid off
• Businesses continue to try to get back to normal after the pandemic, especially in the technology industry where many people may have been hired to accommodate a rise in digital needs. Those needs may be tapering off now

He said these layoffs do not indicate trouble in the economy.

“While certain industries are doing layoffs, many others aren’t,” said Floss. “And many others are adjusting. So I think there’s not really as much to worry about as the headlines say and we’re going to have to wait for the next couple of months to see whether or not this is a trend.”

Floss also said it is unlikely artificial intelligence has anything to do with the current trend, but added it may become a more predictable factor in the future as technology takes over lower-skilled jobs. He said the economy is not currently in a recession and is not approaching one in the near future.