The Biden effect.
Industry-leading commentary on global financial markets, the Kobeissi Letter, has published its data on tech layoffs for 2023.
According to their analysis, this year’s layoffs have already topped 190,000. This is a significant increase from 2022’s total of 165,000.
“January marked the most tech layoffs in a month since 2001, impacting 89,500 employees. Total tech layoffs since 2022 are now at 355,000 employees from 1,700 companies,” Kobeissi Letter wrote on its Twitter.
JUST IN: Total tech layoffs in 2023 officially cross 190,000, already surpassing the 2022 total of 165,000.
January marked the most tech layoffs in a month since 2001, impacting 89,500 employees.
Total tech layoffs since 2022 are now at 355,000 employees from 1,700 companies.
— The Kobeissi Letter (@KobeissiLetter) May 6, 2023
“The number of layoffs accelerated beginning in Nov. 2022. Over the last 7 months alone, total tech layoffs are now at 255,000 employees. Most companies have cited cost cutting and economic uncertainty as reasons behind the layoffs,” it added.
Below is the breakdown of tech layoffs by month:
Companies that deal directly with consumers and retailers continue to feel the greatest impact from layoffs, according to Kobeissi Letter’s data.
Surprisingly, the transportation industry has also been hit hard.
As interest rates climb and inflation remains high, consumers are cutting back on their spending.
According to their analysis, this pattern is predicted to continue in 2023.
“If layoffs continue at their current rate, we could see 500,000+ layoffs in tech alone this year. Meanwhile, the US unemployment rate just hit a 54-year low. The labor market has been a mystery,” Kobeissi Letter wrote.
If layoffs continue at their current rate, we could see 500,000+ layoffs in tech alone this year.
Meanwhile, the US unemployment rate just hit a 54-year low.
The labor market has been a mystery.
Follow us @KobeissiLetter for real time updates and analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) May 6, 2023
This is thanks to the genius of Bidenomics. Stolen elections have consequences.
