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Though the US job market remains strong overall, US employers added 428,000 jobs in May amid record-high job openings. Read from some of the best articles and publications covering both job growth and layoffs.
1. Lucia Mutikani from Reuters
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week as demand for labor remained strong, helping to underpin the economy amid rising interest rates and tightening financial conditions.
The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed state jobless benefits rolls declining to their lowest level since 1969 in the second-half of May.
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2. Read Nicolás Rivero from Quartz
Roughly 17,000 workers got laid off from 71 tech startups around the world in May—the highest number since the early panic of the pandemic in May 2020, according to data compiled by the tech layoff tracking site Layoffs.fyi. The May layoff total was up 350% from April.
Investors were extremely optimistic about tech startups throughout the pandemic. Tech stocks hit all-time highs, tech startups debuted on the stock market at record valuations, and venture capitalists pumped record levels of investment into the sector, betting that the pandemic would accelerate the adoption of new technology in work and everyday life.
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So Who is Getting Laid Off?
Turkish delivery startup Getir, which according to, freightwaves, sacked roughly 4,480 employees on May 25 just Two Months after raising $768 million in funding. That is 25% of the total job losses in the tech sector last month, so when you think about it, it’s just that Getir is crushing the tech job market.
The cash-burning instant delivery service blamed rising inflation and a souring economy for spoiling its plans to expand quickly. Not to mention is misspent millions of dollars on marketing and steep discounts.
It is endlessly fascinating that a company can spend upwards of $5 million a day on marketing, awareness, and discounting products and the first time you probably ever heard of them was in this article.
