The massive job cuts by Amazon.com Inc , one of the biggest private employers in the United States, show the wave of layoff sweeping through the tech sector could stretch into 2023 as companies rush to cut costs, analysts said on Thursday.
The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. REUTERS/Pascal Rossignol/File Photo, one of the biggest private employers in the United States, show the wave of layoff sweeping through the tech sector could stretch into 2023 as companies rush to cut costs, analysts said on Thursday.
As a demand boom during the pandemic rapidly turns into bust, tech companies shed more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, a number that is growing as growth in the world's biggest economies start to slow. "More layoffs are certainly possible ... given the scale of investment we saw in 2020-21, we would probably think that some degree of caution is probably appropriate," said Russ Mould, investment director at AJ Bell.
Coming out of a global pandemic, job cuts in 2022 surged 649% from 2021, led by for technology companies, according to executive coaching firm Challenger, Gray & Christmas, Inc. The drop in demand amid a steep rise in borrowing costs has led several executives from the sector to admit they hired in excess during the COVID-19 crisis.
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