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Tech layoffs continue as the Fed signals more rate hikes

The latest layoff numbers: A slew of tech companies have announced or enacted layoffs over the past few weeks, and the talent bloodletting shows no signs of easing in 2023.

Over 17,000 employees have been laid off from 18 tech companies in 2023 as of January 6, per It adds to the 153,937 tech workers laid off from 1,020 companies in 2022.

Economic headwinds for tech: It's been a rough start to the new year for the tech industry as it continues to grapple with recessionary fears.

  • The culprit is an overall strong US labor market that the US Federal Reserve wants to dampen as a means to rein in inflation.
  • The Dow Jones Industrial Average, S&P 500, and Nasdaq fell Thursday following an ADP payroll report that indicated private employers added 235,000 jobs in December. That’s significantly more than the 153,000 economists had anticipated, per Forbes.

Uncertainty ahead: Job creation among small and medium-size businesses has been good for workers, but it signals that the Fed could continue to enact bold interest rate hikes this year.

  • A resulting drought of capital could curtail the outlook for tech’s economic recovery and mean more layoffs.
  • If the Fed fails to strike a balance between curbing inflation and enabling economic growth, a full-blown recession is still a distinct possibility this year.

This article originally appeared in Insider Intelligence's Connectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.