Tech jobs hit the hardest by layoffs last year: Report
Summary
The technology industry led job cuts in 2022, totaling more than 97,000 announced across the sector, according to a report released Thursday from outplacement services firm Challenger, Gray & Christmas. Challenger said its the second-lowest recorded total job cut announcements since it began tracking them in 1993, with the lowest occurring in 2021. "The overall economy is still creating jobs, though employers appear to be actively planning for a downturn," Andrew Challenger, senior vice president of the outplacement firm said in a statement alongside the report. Tech companies, which grew rapidly in the early part of the pandemic as services and communication moved almost entirely online, have announced the bulk of job cuts in the past year as people increasingly return to pre-pandemic habits. Cost-cutting was cited as the top reason employers made cuts last year, and accounted for more than 82,000 of the announced job reductions, according to Challenger.