From Breakingviews - Breakingviews: Layoffs take Big Tech back to more modest future
and Amazon all said they are cutting about 5% of employees. If all tech firms did the same, that would leave employment at 4.2 million, or about 5% larger than it was at the end of 2019.
That seems about right. Tech revenue and employment can be volatile, but tends to grow faster than the economy at large. In the period from 2012 to the end of 2019, for example, America’s GDP grew 2.3% annually according to the Federal Reserve, while tech jobs increased at a rate of about 3%.
Microsoft said on Jan. 18 it would eliminate about 10,000 jobs, or about 5% of its staff. Amazon.com said on Jan. 5 it would cut 18,000 jobs. Meta Platforms said in November it would eliminate 11,000 jobs. Technology firms based in the United States announced 97,000 job cuts in 2022 according to consulting firm Challenger, Gray & Christmas, which is the most since 2002.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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