Tech Industry Cuts 150,000 Jobs Across 549 Companies in 2025

The job market in New York is deteriorating, with multiple companies laying off hundreds of employees due to economic challenges and contract losses, including Plug Power, Frito-Lay, National Express, Good Samaritan Home Health Care, and Goldman Sachs. This decline is part of a broader trend of significant layoffs in the tech industry, which saw over 150,000 cuts in 2024 and more than 22,000 so far in 2025, affecting major firms like Cisco and Oracle. These layoffs have contributed to the rise of 'ghost jobs,' deceptive job listings with no real hiring intent, which frustrate job seekers and distort the labor market. In response, Eric Thompson, a laid-off network engineer, has advocated for the Truth in Job Advertising and Accountability Act (TJAAA), proposed federal legislation aiming to ban misleading job postings and increase transparency by requiring salary ranges and limiting the duration of job ads. The TJAAA would impose significant fines for violations, addressing the harm ghost jobs inflict on applicants who invest time and resources into false opportunities. As AI and automation continue to reshape industries, these workforce reductions highlight the human cost of technological advancement amid economic uncertainty.