Tech Layoffs Continue Amid Economic Challenges

The tech industry is currently experiencing a significant wave of layoffs in 2024, with over 130,000 job cuts recorded across 457 companies, including major players like Tesla, Amazon, Google, and Microsoft. This trend reflects a broader economic shift where firms are pivoting towards AI and automation, potentially threatening jobs previously deemed secure. In September alone, major companies announced thousands of layoffs, including Meta's historic cut of 12,000 jobs, Amazon's reduction of over 10,000 roles, and Google's shedding of approximately 8,000 positions. The layoffs are impacting various sectors, including supply chain logistics, with Amazon closing a fulfillment center in Chicago, resulting in 211 layoffs. The overall job market is becoming increasingly challenging, with predictions of up to 73 million jobs at risk due to automation by 2030. As companies focus on cost-cutting and profitability amid rising inflation and interest rates, the future of employment in the tech sector remains uncertain.