Tech Industry has Lost 168,000 Jobs in 2023

236,000 

The Labor Department's latest employment report shows that United States added 236,000 jobs in March, where the unemployment falls to 3.5%. The data for February was also revised upwards from 311,000 to 326,000 jobs added. However, the number is slightly lower than market estimates. 

168,000 

The tech industry has lost 168,000 jobs in 2023, and tech giants like IBM, Cisco, and Oracle have announced job cuts. Reasons for job losses include automation, consolidation, and restructuring. However, the industry is expected to grow in the long term, and some job losses may be temporary. 

406,000   

The Wall Street Journal reports that more working parents in the United States are taking parental leave, with an average of 406,000 workers were on parental leave each month – a 13.5% increase from 2021. Experts attribute this increase to changing workplace norms, expanding policies, and pandemic-related policies.  

10M 

Job openings fell below 10 million for the first time in two years in February, indicating a slight easing of employers' demand for workers, but still well above pre-pandemic levels. Despite this, the labor market remained tight, with more job openings than unemployed people seeking work. Employers added 311,000 jobs and the unemployment rate remained low at 3.6% in February. 

5000 

General Motors announced that 5,000 workers have taken buyouts, which is part of their restructuring plan to cut costs and invest in electric and autonomous vehicles. The automaker expects a $1 billion charge in the first quarter of 2023 for these buyouts. The restructuring plan also includes idling several plants and shifting production to electric vehicles.