Technology Snapshot

The so called “tech-cession” – a receding demand for highly-skilled software engineers and other tech positions – has continued into 2024. Just this week, Tesla announced it’s cutting 10% of its sta, Google announced job cuts and oshoring, and Rivian let go of 1% of its workforce. The unfortunate reality is the bleeding just won’t stop. This tumultuous period coming out of the COVID-19 pandemic can be aptly described as a boom-bust cycle, where employer hiring was in a frenzy due to low interest rates and high consumer demand, and now the opposite is true.

Digging into the subsectors, engineering services shed the most jobs, losing 1,000 jobs in March. On the other hand, consulting had a boost last month with a jump of 5,100 jobs. Scientific research and software development had modest growth, adding 3,200 and 2,400 jobs, respectively.