US tech layoffs jump 65% this year after massive May surge
- Source
- Bloomberg
- Time
- 11:33 AM
- Weight
- 94/100
The U.S. technology sector reported 38,242 job cuts in May, marking the highest monthly total for the industry in nearly two years. According to data from the outplacement firm Challenger, Gray & Christmas Inc., this surge represents the most significant wave of layoffs since August 2024.
The increase comes as major tech companies shift their financial focus and increase capital expenditures toward artificial intelligence development. The recent spike contributed to a substantial year-over-year rise in workforce reductions.