Tech Layoffs Hit 2-Year High as Companies Embrace AI

Technology companies in the United States announced 38,242 job cuts in May, an almost two-year high. For the third consecutive month, artificial intelligence was the main reason cited by employers for these layoffs, outplacement firm Challenger, Gray and Christmas (CGC) said in a report issued Thursday (June 4). “The labor market is being reshaped by technology in real time,” Andy Challenger , labor and workplace expert and chief revenue officer at CGC, said in the report.