Tech layoffs have affected almost three lakh people across the globe, and more are hit by it in the banking, media and other sectors. Almost all US tech firms citing high operating costs and falling ad revenues as a reason for layoffs, indicate that the recession's impact is visible in the country. Amidst the gloom and hysteria caused by uncertainty over jobs, US President Joe Biden has admitted that he understands first-hand, how job losses can have a crushing impact families.
The tech sector bloodbath shows no signs of slowing down, as Google has been asked to slash 1.5 lakh jobs by an investor, while it has already fired 12,000 people.
The White House said that the President understands the effect of a job loss on a very personal level, and assured that he is doing everything to make the US economy work for all citizens. They also said that the unemployment rates were dipping across the US despite the layoffs, to indicate that the Biden administration's policies are resurrecting the economy.
The government cited CPI data and added that layoff are close to a record low as per job opening data. The assertion comes even as thousands of Indian IT professionals struggle to find new work in the US after being laid off. As migrant workers need to find jobs to stay in the US in a limited time, the White House didn't comment on H1B work visas.
