Communications of the ACM
No, the Great Tech Layoffs of 2023 Aren't Happening Again
Layoffs.fyi estimates that 4,500 tech industry jobs have been lost in 2024. In 2022 and 2023, layoffs affected more than 400,000.
Credit: Getty Images
So far, 2024 is off to a start that looks a lot like 2023 — with a week full of job cuts from tech companies.
Duolingo, Twitch, Amazon, Google, Meta, and Discord have all made moves that will cut hundreds of employees combined. But experts say these layoffs don't necessarily point to an ongoing slide in tech jobs, but instead to shifting priorities within companies.
Some of the latest cuts target specific departments and products, and may be just a part of doing business, says Rachel Sederberg, senior economist with Lightcast.
"There's rebalancing that's taking place," says Daniel Keum at Columbia Business School.
Across the board, the job market is steady. The unemployment rate in the U.S. was 3.7 percent in December. And tech job unemployment is lower, at just 2.3 percent, according to an analysis from CompTIA.
From Wired
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