Thousands of job cuts have been announced in the technology sector in the first month of 2023.
More than 150,000 tech workers lost their jobs in 2022, according to one estimate, and an additional 23,000 have been laid off since the start of 2023. These workers are not alone. More than 30 million American workers have gone through mass layoffs since the Bureau of Labor Statistics started tracking them in 1996.
This is with reference to the grim news “Airbus restructuring will mean huge job cuts” (June 29). On 19 June, your daily had carried a report about BMW cutting 6,000 jobs. Companies across the world, including airlines and multinationals, are cutting down jobs due to low sales triggered by COVID-19. Expect millions of jobs to be lost, across all sectors of the global economy in the next few months, as demand slumps.
The number of Americans filing new claims for unemployment benefits increased to a three-month high last week amid rising layoffs in the technology sector, but that likely does not suggest a material shift in labour market conditions, which remain tight. Weekly jobless claims data tend to be volatile around the start of the holiday season.
Euro zone stocks surged on Wednesday as investors piled into firms with big dividends on hopes European Central Bank chief nominee Christine Lagarde will maintain the ECB’s dovish stance, while Italian shares jumped over 2% on avoiding a EU sanction threat. The blue-chip eurozone STOXX index
ChatGPT, an AI product of OpenAI, a San Francisco-based AI company, released in late November, is described as a Large Language Model (LLM),
The outcome of the new shorter work week is exciting and set to influence a trend in the regional and global business strategy (‘4-day week sees 90% increase in productivity of Sharjah employees’ (01 February).
The people who are in the forefront of pushing Social Security “reform” by cutting benefits have gotten pretty good at hiding their intentions behind plausible-sounding jargon and economists’ gibberish.