US tech industry cut 63,000 jobs this year

Due to fears of recession, over 1.8 lakh jobs have been cut across sectors in the US this year, of which 28% of the layoffs in February happened in the tech sector alone


Of the over 1.8 lakh jobs that have been axed in the US this year, about 63,216 jobs are from the tech industry.

As per a report from Challenger, Gray & Christmas, the month of January 2023 saw companies in the US axing about 1,02,943 jobs, while February saw about 77,770 people being laid off. Of the total layoffs in February, 21,387, that is 28 per cent, were from the tech sector alone.

In total, the tech sector let go as many as 63,216 jobs, as compared to the 187 jobs cut during the same period in 2022.

The reason for these layoffs is the fear of recession which is pushing employers to adopt cost-cutting measures.

The second highest number of job cuts happened in the healthcare and health products space, where about 9,749 people were asked to leave in February 2023 alone. In total, this year itself, the healthcare space has seen 16,482 jobs being cut, which is 85 per cent more than the 8,928 jobs cut during the same period last year.

This year, over 17.5 lakh job cuts have already been announced in the retail space. This is again a lot higher than the 761 jobs that were cut during the same time last year.

In the financial sector, about 17,235 jobs have been axed compared to the 1,148 jobs cut in January and February of 2022. The fintech sector is already looking at cutting 4,675 cuts in the first two months of the year. Compared to this, the financial space cut a total of merely 10,476 in the entire year 2022!

About 9,738 jobs will be cut in the media industry this year, which is a lot more compared to the 3,774 cuts announced in 2022.

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