Unemployment Rate is Projected to Rise 4.1% by 2023

157,517  

In 2023, a staggering number of 157,517 employees in U.S.-based tech companies have been affected by substantial layoffs. The toll includes employees from industry giants like Google and Microsoft, as well as individuals working in smaller startups, according to the latest tally of U.S.-based companies impacted by the layoffs. 

4.1%  

According to the median forecast from Federal Reserve officials, the unemployment rate is projected to increase to 4.1% by 2023 and 4.5% the following year, compared to 3.6% in June. This projection indicates that the economy may experience a substantial decline in employment, potentially resulting in the loss of tens of thousands of jobs. 

 
8%  

In Q2 2023, Microsoft's revenue surged by 8% to $56.2 billion, driven by the success of Microsoft Cloud, which achieved a 21% year-over-year increase and contributed to an annual revenue of over $110 billion, with Azure accounting for more than half of the Cloud's total revenue, according to CEO Satya Nadella. 

27,000 

Amazon is cutting hundreds of jobs in its U.S. Amazon Fresh stores' grocery division by eliminating the "zone lead" role as part of a restructuring effort. This move is part of the company's largest layoff to date, with a total of 27,000 job cuts in the past year, including 18,000 earlier this year. 

60% 

This year, 60% of professionals experienced workplace stress, with job stability as the main trigger for 45% of them. Despite some businesses increasing well-being initiatives (22% since the pandemic), 62% of respondents believe their employers are not doing enough to address workplace stress, while only 14% feel their employers are taking sufficient action.