Layoffs are increasing, and the bulk of them are occurring in the tech industry, with tech companies cutting roughly 31,200 jobs in November, according to a Nov. 15 report from executive coaching firm Challenger, Gray & Christmas.
This current cut more than doubles the 28,207 layoffs the tech industry conducted from January to October of this year. And it is 366 percent higher than the 12,761 layoffs the tech industry conducted in November of 2021.
Some big tech companies conducting layoffs include Twitter, which announced it is planning to cut more than 3,700 jobs; Meta, which laid off 11,000 workers in its first large workforce reduction in the company's 18-year history; and Amazon, which said it has plans to lay off about 10,000 employees.
Although these layoffs are significant, the tech sector still has not reached 2020's levels, when 83,079 cuts were recorded for the year.
The year with the most job cuts in the tech industry was 2001, when 168,395 employees were laid off, according to the report.