“The labor market is being reshaped by technology in real time. AI is now the leading reason corporations give for cutting jobs and the first industry citing it’s technology,” said Andy Challenger, chief revenue office at Challenger, Gray and Christmas.”
AI was blamed for 38,579 of the 97,006 job cuts announced across all industries tracked by the corporate. It accounted for 40% of the cuts observed in May, up from 7% in January.
This 12 months has already seen some major layoffs in technology. In March, HPE slashed 2,500 jobs from its wage bill, while Oracle announced plans to shed an unspecified variety of developers. And the cuts carry on coming, just last month, Meta shed 8,000 employees.