Recession hits tech jobs

The global technology industry is shedding tens of thousands of jobs amid a downturn in advertising revenues and slowing sales as the cost of living crisis bites


U.S. weekly jobless claims (thousands, seasonally adjusted)

Jan 15: 240,000

Apr 23: 181,000
Job gains in service sectors – leisure and hospitality, business, education and health services

Jul 16: 260,000
Job cuts in automotive, technology and financial sectors, driven by chip shortages and higher interest rates

Dec 24: 225,000

153,600+
Technology layoffs in 2022

250
225
200
175
150
125
 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec      


Oct 27, 2022: Investors wipe more than $89 billion from Meta’s market capitalisation following revenue fall

Nov: Meta announces 11,000 job cuts

Jan 18, 2023: Amazon to lay off more than 18,000, 6% of 300,000-person corporate workforce
               

Sources: Financial Times, FRED, Layoffs.fyi, Reuters 
Picture: Getty Images 
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