Tech companies have recently cut 400K+ jobs..
Tech companies have cut 400K+ jobs, and the competition is fierce. As the industry faces a reckoning, job seekers fight for a smaller number of positions. Read the full article here: 🔗 t.co/NbWyjT4d2i
— WIRED (@WIRED) October 12, 2023
Nasdaq breadth hits new all time low.
We have never seen divergence like this pic.twitter.com/QbKHrLOxJh
— zerohedge (@zerohedge) October 12, 2023
San Francisco tech employment is contracting for the first time since the GFC, Dotcom Collapse pic.twitter.com/bEnzUpoL2i
— MacroEdge (@MacroEdgeRes) October 12, 2023
Qualcomm Cuts Jobs in California. The company is eliminating 1,258 positions in San Diego and Santa Clara#Layoffs #Tech #News
–t.co/ZfA9QVbWz7— DailyJobCuts . com – Job News (@dailyjobcuts) October 12, 2023
🔸2023 has easily surpassed 2022 for tech layoffs
More than 239,000 global technology-sector employees have been laid off since the start of the year, according to data compiled by the website t.co/j3bwK2jFjy.
The data show that 1,043 tech companies have laid off…
— *Walter Bloomberg (@DeItaone) October 5, 2023
US Tech Layoffs Soar 716% in 2023: Report. (Information Week) #Technology #Careers t.co/Co0UJI9vjm pic.twitter.com/kFaTTbqvrE
— James Gingerich #B2B #Technology #Influencer (@jamesvgingerich) October 11, 2023
US Tech Layoffs Soar 716% in 2023: Report
The technology sector is leading the US job market in layoffs, but the cuts are slowing down, a new report shows.
At a Glance
- US total job losses spiked in 2023, with the tech sector leading the cuts.
- Layoffs due to AI have not increased since first reported earlier this year.
- Pace of cuts is slowing down, but so is the pace of hiring.
A report released Tuesday shows US technology layoffs reached 151,989 in 2023, a 716% increase compared to the same period a year ago.
Survey results from outsourcing firm Challenger, Gray & Christmas show the technology sector leading job cuts across industries, which have in total shed 604,514 jobs so far in 2023, a 198% increase from the same period in 2022.
But the number of job cuts has been falling steadily over the summer, the firm says, with 2,537 cuts in September, the lowest number since June 2022. The 2023 tech layoffs are the second worst totals on record. In 2001, 168,395 cuts were announced in the sector.
Last week, Epic Games announced that 830 employees were impacted by layoffs and unfortunately I am one of them. The last almost 3 years has been a learning journey and I have made lifelong friends.
So long, it was truly Epic. pic.twitter.com/fB6qRfTL10
— Joe Burridge (@JoeFindsTalent) October 4, 2023
Arthur Cashin compares the AI bubble in tech to the dotcom bubble, saying: "You want to be careful with that….It's almost like the meme stocks. If you put artificial intelligence next to your name, your stock goes up"#AI pic.twitter.com/9pLLmjpZpy
— Squawk on the Street (@SquawkStreet) February 8, 2023
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