Part 3/11:
Several industries are bearing the brunt of these layoffs, with some facing more pressure than others.
Technology: The Leading Sector in Cuts
The technology sector has experienced nearly 90,000 layoffs so far in 2024, marking a 36% increase year-over-year. The primary drivers include rapid advancements in AI and automation, alongside uncertainties surrounding work visas. Major tech giants like Microsoft have laid off thousands of employees—Microsoft, for instance, reduced its workforce by about 4%. These layoffs are often complemented by AI integration, replacing roles that previously required human workers.