Another round

The US job market remains strong with payrolls growing by 254,000 workers and the unemployment rate dipping to 4.1% in September. Regardless, layoffs across the tech sector remain persistent. During 3Q24, 122 technology-related firms announced 38,716 layoffs compared to 25,575 in 3Q23, according to the tracking service Layoffs.fyi. While a broad range of firms have contributed to the recent uptick in layoffs, established firms like IBM, Intel and Cisco accounted for more than half of the announced layoffs in the quarter. While evidence of AI replacing jobs remains anecdotal, firms with limited direct exposure to the technology have seen growth stagnate.

Source: Layoffs.fyi, October 2024