Posted on 10/17/2023 3:06:26 AM PDT by davikkm
Tech companies have recently cut 400K+ jobs..
https://twitter.com/WIRED/status/1712574372798718387?ref_src=twsrc%5Etfw https://twitter.com/zerohedge/status/1712557456055042082?ref_src=twsrc%5Etfw https://twitter.com/MacroEdgeRes/status/1712507815947022720?ref_src=twsrc%5Etfw
https://twitter.com/dailyjobcuts/status/1712557491941478806?ref_src=twsrc%5Etfw https://twitter.com/DeItaone/status/1709901273254797487?ref_src=twsrc%5Etfw https://twitter.com/jamesvgingerich/status/1711902935964164161?ref_src=twsrc%5Etfw
US Tech Layoffs Soar 716% in 2023: Report
The technology sector is leading the US job market in layoffs, but the cuts are slowing down, a new report shows.
At a Glance
US total job losses spiked in 2023, with the tech sector leading the cuts. Layoffs due to AI have not increased since first reported earlier this year. Pace of cuts is slowing down, but so is the pace of hiring.
A report released Tuesday shows US technology layoffs reached 151,989 in 2023, a 716% increase compared to the same period a year ago.
Survey results from outsourcing firm Challenger, Gray & Christmas show the technology sector leading job cuts across industries, which have in total shed 604,514 jobs so far in 2023, a 198% increase from the same period in 2022.
But the number of job cuts has been falling steadily over the summer, the firm says, with 2,537 cuts in September, the lowest number since June 2022. The 2023 tech layoffs are the second worst totals on record. In 2001, 168,395 cuts were announced in the sector.
https://twitter.com/SquawkStreet/status/1623388164634079232?ref_src=twsrc%5Etfw https://www.youtube.com/watch?v=Py3FR-o0xBA https://www.youtube.com/watch?v=mIEiI0iU_50 https://www.youtube.com/watch?v=p0nMcl2tN-4
AC
The Tech Industry is dependent upon huge amounts of Investment Capital that doesn’t matter if they make a profit for decades.
Those days are over.
Learn to mine ore.
ButButButButButBut “Joe!” Bidenomics! Tech jobs coming back! Lying Ss-O-S.
... and 4) “Learn to mine ore” :)
Ha ha. Good strategy.
I trust everyone has been prepping but I know most (probably all) useful idiots have not.
Employers beginning to realize that it makes no sense to pay people for pretending to work from home?
A true "tech" company makes and sells "technology" products like chips, operating systems, applications, and all the supporting mechanisms -- real, tangible things -- which make for "technology."
The media jargon of "tech industry" is something else. Programmers put together large-scale "social media" -- like Facebook or X-Twitter -- which require fewer programmers now that the real "tech" has been bought from real "tech" companies and these social media companies are wildly overvalued. Because they have sold advertisers that their "access" to people -- the real data -- means profits. I suspect it is far less effective in that, over the long run.
The "tech industry" here in the US is mostly "social media" companies, as one looks to the likes of real "tech" to find most of the manufacturing is done overseas. So who needs those managers and people who learned to code when everything is up and running?
My "tech" companies actually make "tech." The social media "tech" makes noise and confirmation bias and ineffective advertising.
There's also the problem with having young employees who are ideology-driven (Woke and LGBTQ, that is). Employees with poisonous ideologies need to be culled because they not only spread the ideologies, they hire others with the same ideologies.
All in all, I think tech layoffs are a good thing and healthy for individual companies and the industry.
As an aside, young tech employees have no understanding of what business is all about. They haven't been trained in business, just STEM. They often think they have joined a collective of fellow like-minded techies whose lives will be nothing but an extension of their college days. They're in for some real surprises.
“After learning to code, Bob now is told to learn to flip burgers.”
Many at the company I work at part time do the same thing. They keep knowledge close to them and don’t share that knowledge. Essentially creating job security because if they left or got laid off the company would be screwed, at least temporarily.
“Flip burgers”
That’s being automated too.
Everything is fine, millions of jobs are available and that’s why we need open borders, inflation is under control and we should be getting back to prices like they were in the 80s. Everyone is buying electric vehicles buying houses, crime is way down and there’s peace throughout the world.
Come-on man.
America has a “labor shortage”.
Which means companies don’t want to pay for a full staff.
> They keep knowledge close to them and don’t share that knowledge.
That’s a failing on management’s part.
We just went through a round of layoffs. I expect more first quarter and I’ll probably be in that group. On a good note, I will be able to retire with a nice going away present.
Excellent.
Bust up Big Tech. Hopefully Hollywood gets beaten up some more too. Oh, and I hope Pfizer goes bust too.
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