Big Tech

Tech Companies Are Scrambling to Downsize While the Rest of Economy Is Overheating

7 days ago   |   By Observer

There has never been a better time for Americans to find work. Job openings recently hit a record high, while unemployment rate has fallen to a pre-pandemic historic low. It's a completely different story in the tech sector, which accounts for a relatively small percentage of the U.S. labor market but offers some of the highest-paying positions.
A wave of layoffs have hit tech companies large and small in recent months. Their CEOs cite reasons such as rising labor costs, in part due to inflation , as well as business slowdowns and a shortage of funds in both private and public markets...
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