Tech Sector Faces Unprecedented Layoffs as 226,000 Employees Lost Their Jobs in 2023

The tech sector has witnessed a concerning surge in employee layoffs, with a significant 226,000 job reductions226,000 job reductions reported so far, marking a nearly 40 percent increase compared to the figures from the previous year, claimed a report. 

The distressing revelation came to light in a report AltIndex.com released on Tuesday.

Data indicates that the tech industry is grappling with an extensive wave of job cuts, leading to the closure of a multitude of workplaces. 

This unfortunate turn of events has cast a shadow over 2023, making it a remarkably challenging year for the sector when contrasted with the job cuts seen in the previous year.

The statistics are quite remarkable: Between January and December 2022, technology firms let go of a total of 164,744 employees. This number is almost eleven times higher than the mere 15,000 job losses recorded a year earlier, as detailed by information from Layoffs.fyi. 

Particularly striking is the month of January, which witnessed an astonishing 75,912 job losses – accounting for almost half of all the layoffs reported throughout 2022.

Although February saw a minor reduction with around 40,000 job cuts, the following three months still documented an aggregated total of nearly 73,000 layoffs. These stark figures and the consistent downward trajectory raise concerns about the immediate future of the tech industry.

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