Why Widespread Tech Layoffs Keep Happening Despite A Strong U.S. Economy - YouTube
Woman employed by Cloudflare shared the video when she was told to be laid off with the SNS.
Tech companies are continuing downsizing, for example Google CEO talked about the necessity of more cut.
Tech industry and other industies are keeping layoff in 2024 in spite of strong economic growth
During pandimic in 2020, tech industry was in tailwind and as fed lowered interest rate to support the economy across the industries and tech companies could be able to enjoy the furthere earnings and they could expand their resources including the number of people. Now interest rate is increased so the access to capital become more difficult than before and to spend money for growth, companies are laying off people
AI improvement have impact on job makert. Ratio of the job opportunity including the word of gen ai is surging. However there are a lot of job to be automated.
People have the nice image of tech job but now it is not true. It is easier to share the personal experience on short video and so far lay off was regarded as something shameful but now it is regarded as failure of management therefore people less hesitate to share the layoff experience.
Tech stock has bounced back after large layoff. Investor appreciates profit currently rather than growth
Overall job market is strong with the unemployment rate of 3.7%, lower than 4% and it is uncertain if tech layoff has impact on the overall industry
