As technology companies deal with declining stock prices, inflation, rising interest rates and a possible recession, they have announced more than 60,000 job cuts this year, with indications — such as from Amazon Chief Executive Andy Jassy, HP announcing cuts over the next three years and a report that Google is considering thousands of layoffs — that there will be more to come.
By comparison, about 65,000 tech jobs were lost each year in 2008 and 2009 during the recession, according to Challenger, Gray & Christmas. Whether all the slashing will approach levels only previously seen during the dot-com bust, when almost 300,000 tech jobs were lost over two years, remains to be seen.
DB2