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The tech sector observed a reduction in layoffs in September 2024, delivering a breather from the current job loss onslaught. But with 140,000 layoffs so far this year, there has been a noticeable effect on the workforce. This figure includes contributions from significant companies including Intel, Cisco, IBM, Tesla, and Microsoft. Of these, Intel has eliminated the most jobs—15,000—as part of a $10 billion cost-cutting plan. The financial crisis, growing inflation, falling stock prices, and recession worries are the main causes of these layoffs. Certain roles have become obsolete due to automation breakthroughs and overhiring during the COVID-19 epidemic.
With 50,813 layoffs, tech companies based in California account for 42.24% of job losses across the nation. There have also been substantial employment losses in Texas and Washington. The tech sector continues to be cautious and is continuing to restructure and reduce costs despite the September dip. Numerous roles have been impacted by the layoffs, including those in sales, engineering, and product development and support.
Businesses are stressing efficiency and sustainability as they adjust to shifting market conditions as the tech environment continues to change. The reduction in layoffs gives cause for optimism, but the industry must navigate both technical advancements and unpredictability in the economy on its uncertain route to recovery.
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