The U.S. economy is booming. So why are tech companies laying off workers?

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Tech companies, including Google, Amazon, Microsoft, and others, have been laying off thousands of workers since 2022. Last year, over 260,000 tech workers were laid off, and the layoffs have continued into 2024. Despite the booming job market in other industries, tech layoffs have persisted. Companies are under pressure from investors to improve their bottom lines, leading to a focus on increasing profits by cutting high-paid workers. The layoffs have upended the culture of Silicon Valley and have left the tech workforce feeling despondent and confused. The continued cuts come as companies are looking for ways to squeeze more work out of fewer people. The layoffs are attributed to factors such as over-hiring during the pandemic, high interest rates, economic concerns, and inflation. The tech industry, once seen as glitzy and high-paying, has become less secure and less attractive to many workers. As a result, workers are more willing to take lower-paying jobs or seek alternative job opportunities.

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https://www.washingtonpost.com/technology/2024/02/03/tech-layoffs-us-economy-google-microsoft/