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• The overall layoffs in the US fell 14.7% in May from April
Job cuts in the US tech sector jumped in May with 4,044 job cuts, up from the 459 between January and April.
The overall layoffs in the US, however, reported by global outplacement firm Challenger, Gray & Christmas on Thursday, fell 14.7% in May from April.
"Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial, and delivery sectors, are beginning to see a slowdown in users, and coupled with inflation and interest rate concerns, are restructuring their workforces to cut costs," said Andrew Challenger, senior vice president of Challenger, Gray & Christmas.
Fintech companies announced 2,059 cuts, from the 556 announced in the first five months of 2021.
Constructions firms announced 817 job cuts in May for a total of 1,150, a 55% increase from the 741 cuts announced through May of 2021, due to a slight slowdown in housing starts and permits in April.
Source - Challenger, Gray & Christmas
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