This is according to data compiled by the website Layoffs.fyi, which currently lists 877 tech companies that have laid off 220,995 employees since January. Last year, 1,024 tech companies laid off a total of 154,336 employees.
Most recently, tech giant Microsoft announced more job cuts this July, in addition to the 10,000 jobs the company already cut earlier this year. This latest round of cuts affects jobs in the company's customer service, support and sales sectors.
"Organizational and workforce adjustments are a necessary and regular part of managing our business," claimed a Microsoft spokesperson in an emailed statement. "We will continue to prioritize and invest in strategic growth areas for our future and in support of our customers and partners."
Even worse than Microsoft, Facebook parent company Meta Platforms in late May announced its latest round of layoffs, the third this year. It is still unclear how many jobs will be affected by this mass layoff, but CEO Mark Zuckerberg earlier announced that it plans to downsize its company by cutting 21,000 jobs by the end of 2023 in what he described as a "year of efficiency" for the company.
In March, Twitter owner Elon Musk announced that he was laying off 6,500 people, or about 80 percent of the company's workforce, in a move he described as "painful" and "one of the hardest things" he has had to do. This comes on top of the series of significant layoffs Musk made in late 2022 when he officially took over the social media company. (Related: HEAD IN THE SAND: Biden's Labor Statistics claims job growth is strong despite economic indicators pointing to coming financial meltdown.)
Many other notable tech companies have announced layoffs that involve less than 1,000 employees.
Most recently, Niantic, a video game company most notable for its augmented reality mobile games like Pokemon Go, has announced that it would be laying off about 230 employees along with ending all development and support provided for several of its released and unreleased mobile games.
In late June, Robinhood announced it was cutting seven percent of its workforce or around 150 full-time employees. This comes after the company slashed its workforce by more than 1,000 jobs last year.
Music and podcast streaming service Spotify also recently announced that it's cutting about 200 employees, or two percent of its workforce, mostly in the company's podcasting business and its support sectors. This comes as the company decides to rely more on independent content creators to expand its podcasting service rather than creating homegrown content.
While the rate at which the layoffs are occurring in the tech sector is exceptionally alarming, data put together by TechCrunch with the help of Layoffs.fyi notes that most of the layoffs occurred from January to March.
In January, 84,714 employees were laid off. In February, 36,491 jobs were cut and in March another 37,109 employees were laid off.
The number of jobs being cut has decreased steadily since. In June, only around 10,524 employees were laid off.
This still represents a massive contraction in America's tech sector and does not make analysts optimistic about the near future of the country's economy.
Learn more about the declining state of the American economy at EconomicRiot.com.
Watch this clip of financial expert Gregory Mannarino warning that more mass layoffs are coming.