Americans celebrated Thanksgiving last week under gathering economic clouds. No sector is more under stress today than the U.S. tech industry.
In recent months, several major tech and logistics giants, including Microsoft, Amazon, Meta, Intel, Google, Salesforce, UPS, Target, and IBM, have announced job cuts numbering in the tens of thousands.
A report released Thursday by the career transition firm Challenger, Gray & Christmas revealed that tech job cuts surged 175% in October compared with a year ago, marking one of the sharpest spikes since the early pandemic years.
This raises an important question: What’s driving this new phase of layoffs, when the broader economy is in decent health?
The first driving factor lies in a familiar story: the correction that follows excess. In the aftermath of COVID-19, technology companies went on a historic hiring spree, anticipating…
