Google’s parent company Alphabet is making the cuts in jobs joining other big name Tech, Wall Street and Service companies in shedding jobs as the pandemic subsides…
The American economy is NOT getting better no matter what you read if thosands of people are losing jobs…Inflation in the form of consumer prices remains highand the Fed is still raising interst rates….
Don’t look now but?
America is ALSO walking into a Recession…..
Pichai shared the news in an email to staff that was also posted on the tech giant’s blog Friday. He said the job cuts — estimated at 6 percent of the workforce — span the company’s product areas, functions, levels and regions and that the decision followed a review “to ensure that our people and roles are aligned with our highest priorities as a company.”
One of those priorities is the company’s big bet on artificial intelligence, which Pichai mentioned multiple times in his note, saying that the company will soon announce “some entirely new experiences for users.” But the cuts were necessary to move ahead, he said.
Alphabet is the latest Big Tech company to slash positions after expanding rapidly during the pandemic to meet surging demand for software and gadgets as people spent more time at home. But that demand has waned with the return to in-person life, while rising interest rates have made borrowing money for new investments more expensive.
This week, Microsoft announced layoffs of 10,000 employees. Earlier in January, Amazon said it was eliminating 18,000 workers, while Facebook’s parent Meta trimmed 11,000. According to the tracking site Layoffs.fyi, more than 190,000 workers have been laid off in the tech industry last year and so far this year. (Amazon founder Jeff Bezos owns The Washington Post.)
Even as recent data indicates a resilient job market, some analysts have called tech’s retrenchment a harbinger of a recession as large-scale layoffs have also hit the finance, media and housing sectors…..
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