NYC Feels Less Impact from Mass Tech Downsizings

Although news of employee downsizing among several of the large tech companies has become more frequent, it has not “made a substantial dent in the tech industry’s total employment of about 200,000, according to recent jobs reports.” Advertising sales among the big internet companies — Alphabet, Apple, and Meta, dropped in the 3rd quarter in part due to a “decline in user engagement from elevated levels in 2020 and 2021” putting downward pressure on advertising revenue. Google was the latest to file a WARN (Worker Adjustment & Retraining & Notification) notice with the state Department of Labor and among the 12,000 workers being laid off, 887 affected employees are spread “across eight Google sites in Chelsea and Hudson Square. The move represents a reversal of earlier plans for expansion. In the final week of January, there were 165 Google jobs listed with an option to be based in New York, representing a significant reduction of the approximate 1,300 Google job listings with the same option in May. In November, Facebook parent Meta announced plans to lay off more than 11,000 workers —871 work in New York, as part of a broad restructuring; and more recently Amazon began a fresh round of job cuts expected to affect more than 18,000 employees of which 299 work at New York City locations, while Apple has so far avoided layoffs.