ECONOMY
Half-a-million global layoffs go beyond big tech
April 4, 2023 - Bloomberg has tracked more than half-a-million job cuts around the world in six months, dominated initially by big tech firms but soon spreading further afield.
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In 2020, when the Covid-19 pandemic locked down half the world, tech firms flourished as digital, remote workers helped keep the wheels of the global economy turning.
Now, productivity trends are returning to pre-pandemic levels, or even slightly lower, with once-booming revenues now in decline.
Bloomberg has tracked more than 500,000 job losses around the world since October 2022, mostly dominated by white-collar firms.
What began as a wave of layoffs among high-profile tech companies, is spreading, with the likes of McKinsey, KPMG, FedEx and Boeing cutting middle management roles and bureaucracy.
The burning question now is whether this is a temporary phenomenon or full-blown recession?