STATE OF TECH EMPLOYMENT Tech Industry Employment Unemployment Rate Trending Source: U.S. Bureau of Labor Statistics Source: U.S. Bureau of Labor Statistics 5.8 14.0 National Rate Tech Occupation Rate 12.0 5.4 10.0 ojectedojected8.0 5.0 prpr 6.0 4.6 4.0 2.0 4.2 0 G T V C N Y G T V C N Y G N Y V N Y V N Y V N Y V N Y V AUSEPOCNODE JAFEBMARAPRMAJUNJULAUSEPOCNODEJAFEBMARAPRMAJUNJULAU JAMARMAJULSEPNOJAMARMAJULSEPNOJAMARMAJULSEPNOJAMARMAJULSEPNOJAMARMAJULSEPNO 2021 2022 2023 2019 2020 2021 2022 2023 There continues to be a tech talent shortage across the United States, with nearly 4 million tech jobs available, and projections show that the United States tech industry is projected to grow 5.4% in 2023. That being said, because of the unease in the market, overall tech salaries saw a very modest increase this year of 2% on average, versus the nearly exponential growth trends over the past decade. Tech Layoff Analysis 2020-2023 Source: Tech Layoff Analysis, 2020-2023 by skills.ai 30K 25K 20K 15K 10K 5K 0K Amazon Meta Google Salesforce Microsoft Phillips Ericsson Flink Uber Micron An important part of the story of 2023 – and what we can learn from it in 2024 – is who was part of the tech layoffs, both company and personnel-wise. Accounting for 42% of all tech layoffs this year, FAANG companies (Meta, Apple, Amazon, Net昀氀ix, Alphabet) were the biggest sources of job loss. This must be put into context, as these companies, along with Microsoft, have been on a steady hiring spree since 2019. Compared to the number of people hired by these companies since 2019, the lay- offs of 2023 only account for 8% of that workforce. MOTIONRECRUITMENT.COM 04