200 Tech Companies have Laid Off More than 50,000 Employees
275000
After a series of interest rate hikes, U.S. joblessness in January rose slightly to around 4%. Despite this, it's still historically low. About 275,000 jobs were added in the last month. States like Nevada and California had higher rates (around 5%), while North Dakota boasted the lowest at 1.9%. Long-term unemployment increased to 1.3%, and measures like discouraged workers offer more insights into the job market dynamics.
64%
Nearly two-thirds of employees (64%) have lost trust in their companies following mass layoffs, leading to a reevaluation of long-term employment. According to A.Team's survey, a significant majority (73%) now find freelance work more appealing, with 86% seeking greater control over their schedules. Consequently, a quarter of respondents have already turned to freelancing or starting their own businesses post-layoffs.
26%
Job sharing, reintroduced in the 1970s to support women returning to work after childbirth, is on the rise again, with US job ads for shared roles nearly doubling post-pandemic to 0.02% in January 2024. This reflects a rising demand for flexible work arrangements, especially as 26% of Gen Zers and 20% of Millennials see it as a way to improve work-life balance, though effective teamwork and communication are essential for maintaining productivity.
2.7%
The Great Resignation may have tapered off, but turnover remains high in sectors like personal care services and trucking, where workers are leaving for better-paying jobs. In January 2024, 2.7% of U.S. workers quit, slightly below pre-pandemic levels, with some industries experiencing higher turnover rates, such as personal care services, which saw a 0.4% increase in quits compared to pre-pandemic averages.
50,000
In the first quarter of 2024, over 200 tech companies have laid off more than 50,000 employees, marking the highest level of tech layoffs since the 2001 dot-com crash. Layoffs in the tech sector surged in the beginning of 2023, with more than 167,000 job cuts announced, signaling ongoing challenges in the industry despite fluctuations in layoff numbers throughout the year.