Amazon's hard-core move to push employees back into the office five days a week is a signal that — in the tech sector at least — employers have regained some leverage over workers.

Why it matters: The labor market has weakened. The rank-and-file mostly don't want to be in the office for a full workweek — but in a looser labor market, their opinions matter less.

• Currently, Amazon employees are expected to go in for three days.

Zoom in: The tech sector has been through many layoffs over the past few years. It's not as easy to find a new job, leaving many feeling stuck.

• "The power has shifted back towards companies, which is what emboldens them to take hard-line stances like [Amazon's]," says Erin Grau, cofounder of Charter, a future of work media company.
• In other sectors, such as manufacturing, the labor market is still pretty tight — and workers have some leverage. For example, Boeing workers felt confident enough to go out on strike last week.
• Still, overall, the tech industry has the highest share of employees working remotely. If things tighten up, it'll just bring the sector in line with others.

Zoom out: Amazon's change, which starts in January, sets a new standard and may give companies cover to restrict work-from-home a bit more — while still looking generous, says Brian Elliott, a former executive at Slack who is now a work consultant.

• "Two days in office becomes three. And three days becomes four," he says. Companies can make these moves and say: "We're not as bad as Amazon though."
• Other employers won't change a thing — and instead could use Amazon's move as a recruiting opportunity. Microsoft's hybrid work policy just became even more enticing to top tech talent, says Elliott.

State of play: Amazon is the most prominent tech company to go back to five days a week in office. And that shouldn't come as a shock.

• CEO Andy Jassy has been gunning for in-office work for more than a year. In the memo this week, he says being in the office is a way to "strengthen our culture."
• And that culture has long been known for its intensity.
• The company doesn't mean "culture" as belonging and inclusiveness, says Elliott. "What they mean is: are you in it to win it and are you fully dedicated to the company?"

Between the lines: Experts say some workers will quit because of the policy change.

• Working parents — mothers in particular — were already in a rough spot when Amazon put a three-day mandate in place last year, as Bloomberg reported.

What to watch: Keep an eye on the economy. In a downturn, the pendulum will swing back even further in employers' favor.

Amazon might change things at the margin in the tech sector, but that doesn't mean we're headed back to a fully in-office world, academics and consultants who watch this trend closely tell Axios.

• The share of U.S. workers in hybrid arrangements has remained relatively steady since early 2023, per data from WFH research, a monthly survey run University of Chicago, ITAM, MIT, and Stanford University.

The big picture: Four years out from the radical upheaval of the pandemic, most companies have settled into a new set-up and wouldn't want to go back.

• They also have internal research showing that employees are happier and often more productive with hybrid work.

The bottom line: "I think we are firmly in the hybrid era," says Prithwiraj Choudhury, a professor at Harvard Business School.

Here's a stunning stat: Only 12% of chief financial officers say that now is a good time to take greater risks, according to a Deloitte survey out this morning.

Why it matters: This could be an indicator of an economic slowdown to come.

• Deloitte surveyed 200 CFOs at companies with at least $1 billion in revenue. They have a big impact on the economy.
• If they're pulling back on taking risks — think opening up new lines of business, building new plants, making acquisitions — that can translate into slower growth for the economy overall.

Zoom in: Deloitte's survey took place amid huge political turmoil in the U.S., a particularly uncertain moment in time.

• The survey began on July 17, four days after the first assassination attempt on Donald Trump, and as it continued Joe Biden dropped out of the presidential race (July 21). When Deloitte wrapped it up (July 29), Kamala Harris still hadn't officially received the Democratic nomination.
• 52% of respondents ranked geopolitics, which encompasses the U.S. election, as one of their top external risks.

What they're saying: "Already, the twists and turns in the run-up to the election, along with shifting poll predictions about the outcome, may be setting off alarm bells for CFOs," write the report's authors.

Meanwhile: CFOs were also very pessimistic about the economy.

• Only 14% rated the North American economy as good — down from more than 50% in the first quarter.

What's next: With the Federal Reserve expected to cut rates, the CFO vibes may be about to turn around.