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Tech Companies Announce Mass Layoffs Amid Economic Woes

The mass layoffs that started late last year have continued into 2023, amid recession fears and economic slowdowns.

So far, the number of tech layoffs globally this year has exceeded the total number from a year ago.

According to data compiled by online tracker, the running total of tech layoffs to date is 191,416, surpassing last year’s total of 164,576.

Some experts are warning that a U.S. recession is expected this year, despite the latest data from the Bureau of Labor Statistics (BLS) showing that the U.S. economy added 253,000 new jobs in April.

The unemployment rate dropped slightly to 3.4 percent, down from 3.5 percent, according to the BLS.

“We still forecast a recession to start in 2023 as the Fed continues to raise its target interest rate to bring inflation under control,” wrote Selcuk Eren, senior economist at The Conference Board, following the BLS report released on May 5. Read more…

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