The majority of current layoffs have been in the tech industry, but there have also been significant layoffs in industries such as healthcare, tourism/hospitality, retail, manufacturing, construction, and transportation/warehousing. Although layoffs have always been an issue, the recent increase is due to the COVID-19 pandemic, which led to supply chain disruptions, an economic slowdown, and inflation. According to the International Labour Organization (2022), the pandemic is estimated to have pushed global unemployment to 200 million in 2022, up from 186 million in 2021. This represents an increase of 14 million in just one year. The ILO estimates that the global labor market will not fully recover from the pandemic until 2025.
