Layoffs are making headlines again, but they’re concentrated in just one sector: tech. And those numbers are spiking, with November’s toll three times October’s, according to Layoffs.fyi, which tracks layoffs in the tech industry.
In fact, since the start of 2022, more workers in tech have been laid off than in 2020 and 2021 combined.
These layoffs are a peculiar outlier in an otherwise strong employment environment: Employers added more jobs than expected in October, according to Bureau of Labor Statistics data. The unemployment rate has hovered between 3.5% and 3.7% since April, bureau data shows. And quit rates — which reflect worker confidence — this year are consistently at some of the highest levels in more than 20 years, according to the Federal Reserve Bank of St. Louis.
Employment, at large, is doing well. But when layoffs are happening in the most visible sector on the internet, you’re going to hear about it.
What’s going on with layoffs in tech?
This article was written by Anna Helhoski and originally published on www.nerdwallet.com