Why businesses are furiously hiring even as a downturn looms

Should companies be hiring or firing? Demand for workers has roared back over the past two years. At the same time fears of recession are widespread. Firms are scrambling to respond—and coming up with different answers. Last week Snap, a social-media firm, said it would fire a fifth of its workforce and noted the “difficult macro backdrop”. Mark Zuckerberg is reported to have told employees at Meta that “there are probably a bunch of people who shouldn’t be here,” but has so far not announced big lay-offs. Tim Cook, boss of Apple, takes the middle course. The iPhone-maker will continue to hire “in areas”, he said recently, but he was “clear-eyed” about the risks to the economy.