That’s why the upheaval in Silicon Valley, kicked off by a swift increase in borrowing costs that dried up venture capital, largely hasn’t derailed those with the relative good fortune of losing jobs while the economy is still robust.

Katie Li, a 26-year-old software engineer in Palo Alto, Calif., was offered a job at a health technology company in late 2022. But after she had left her former job and before she could start the new one, the company rescinded the offer, saying that a few contracts had been paused and that it wasn’t sure it could sustain the position. In a panic, she started applying elsewhere, sending out 200 applications over a few months.

That effort yielded three new offers, and Ms. Li picked one that she thought had a compelling mission, serving people on Medicaid. She started in March, making 71 percent of her old salary — but like many of her friends who’ve lost positions lately, she is happy to be re-employed and have health insurance.

“Most people take slightly lower salaries, but compared to the normal person, they’re still superhigh,” Ms. Li said. “I think I was recognizing that other things are more important than career.”

Given the labor market’s surprising durability, most economic forecasters reason that the Federal Reserve’s 10 successive interest rate increases have yet to fully filter through the economy. As they do, the likelihood of staffing reductions goes up — but the distribution might look different than it has in recessions past.