Here's another sign employees remain in the driver's seat and interest rates are likely to keep rising - San Francisco Business Times

, more hiring challenges and a stronger likelihood of further interest rate hikes — all factors that could increase costs for businesses.

“There have been a lot of fears about big tech layoffs in the sector and in Silicon Valley, but that's not playing out more widely at all,” O’Kane said. “It's a reminder that the tech sector is not just Silicon Valley.” He stressed the big headlines of layoffs might get lots of play online, but the heart of the economy is a lot more than just high-profile tech jobs.

“From the employee perspective, the economy is still very healthy so they are going to continue spending,” Taska said.

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