Tech firms announce huge job cuts.

Mass Layoffs Continue Amid Economic Slowdown

The tech industry has been hit hard by mass layoffs, with the number of job cuts exceeding last year’s total. According to Layoffs.fyi, the total number of tech layoffs globally this year is 191,416, surpassing last year’s total of 164,576. The economic slowdown and recession fears have contributed to the ongoing layoffs, with some experts predicting a U.S. recession this year.

Major Companies Announce Layoffs

The layoffs have not been limited to the tech sector, with major companies across various industries announcing job cuts. Here is a list of some of the companies that have announced layoffs in recent months:

• 3M: The company announced on April 25 that it would lay off 6,000 employees around the world, adding to the reduction of 2,500 global manufacturing roles announced in January.
• Lyft: The ride-hailing company announced that it was letting go of approximately 1,072 employees, which represented about 26 percent of its workforce.
• Gap: The clothing giant disclosed that it was planning to lay off 1,800 employees from its headquarters and upper-field workforce.
• Meta: The parent company of Facebook announced a layoff of about 10,000 employees while closing an additional 5,000 open jobs.
• Amazon: The retail giant announced an additional round of layoffs, eliminating another 9,000 jobs in the coming weeks.
• Accenture: The tech consulting firm announced that it was laying off about 19,000 people, or 2.5 percent of its workforce.
• SiriusXM: The satellite radio company announced a cut of 475 jobs, or 8 percent of its workforce.
• Dell Technologies: The company announced plans to cut 5 percent of its workforce, or about 6,650 positions.
• Match Group: The online dating giant, which owns Tinder, OkCupid, and Hinge, announced an 8 percent cut to its workforce, or about 200 employees.
• Zoom: The video conferencing company announced a 15 percent workforce cut, laying off about 1,300 people.

These are just a few examples of the many companies that have been affected by the economic slowdown and have had to make difficult decisions to cut jobs.

Experts Predict Recession

Despite the latest data from the Bureau of Labor Statistics showing that the U.S. economy added 253,000 new jobs in April, some experts are warning that a U.S. recession is expected this year. Selcuk Eren, senior economist at The Conference Board, wrote, “We still forecast a recession to start in 2023 as the Fed continues to raise its target interest rate to bring inflation under control.” Eren added that the slowing economy will reduce labor demand, and they expect the unemployment rate to rise to around 4.5 percent by the beginning of 2024.

The ongoing mass layoffs are a clear indication of the economic challenges that many companies are facing. As the uncertainty of the global economy continues, more companies may be forced to make difficult decisions to cut jobs in order to stay afloat.