Markets

Tech Company Layoffs And The Job Market

Layoffs and jokes don’t belong together so we will just say that a bunch of bright, technically adept, people just re-entered the workforce and automotive is only getting more technical by the day. Ya dig?
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Tech Company Layoffs And The Job Market

Tech Troubles. Amid rising economic uncertainty, "Big Tech" and the like have been feeling the pressure and cutting jobs in droves. Here are just a few of the latest layoff figures:

  • Spotify - 600 employees
  • Twitter - 3,700 employees
  • SalesForce - 7,000 employees
  • Microsoft - 10,000 employees
  • Meta - 11,000 employees
  • Google - 12,000 employees
  • Amazon - 18,000 employees

The Job Market. While these numbers may seem grim, the overall health of the American labor force is doing ok. The US unemployment rate dropped .4% to 3.5% in December 2022. While not all jobs are equal, there are currently 10.7M open jobs (1.2M more than in 2020), which equals about 1.7 jobs per unemployed American.

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