Huge Tech Layoffs Begin, More Coming, Who's On The Chopping Block?

By Mish Shedlock of MishTalk

Monday, November 7, 2022 9:43 AM EDT

Twitter kicked things off with Elon Musk firing thousands. Meta (Facebook), rates to have much steeper layoffs, and it won't stop there.

Pixabay

Jobocalypse is Arriving

Twitter Axe

Last Friday, Elon Musk cut about half of the company’s work force. That's approximately 3,700 jobs.

Many employees did not know until they saw their corporate access blocked. I saw some Tweets in which managers did not even know which of their subordinates were axed.

The managers sent emails to their subordinates asking if they still had access. Lovely.

Anyway, methods aside, that's 3,700 jobs. Facebook rates to be much worse.

Facebook Large-Scale Layoffs Coming This Week

The Wall Street Journal reports Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

Meta Platforms Inc. is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.

The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.

The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment.

The Jobocalypse is Coming

Malinvestment

DotBombs

Judging from DotBombs, many more layoffs are coming up.

Watch Full Time Jobs, Not the Unemployment Rate

Payroll and employment data from the BLS, chart by Mish

Payroll and employment data from the BLS, chart by Mish

Not to worry there are plenty of openings in the Leisure and Hospitality sectors. There are also gig jobs at Uber and plenty of part time jobs everywhere.

So, don't watch the unemployment rate for stress, watch full time jobs.