Amid the mass layoffs in the US tech market and elsewhere, the White House has said that Washington understands the impact of job cuts, adding that the US economy is growing steadily.
White House press secretary Karina Jean-Pierre, as quoted by ANI, said on Tuesday, “Our economy is continuing to grow in a steady and stable manner… And so, more broadly, when it comes to economy, layoffs remain near record lows, according to job opening data.”
She said that the President has said many times that he’s going to do everything that he can to make sure the economy “works for everyone, that works from the bottom up and middle out.”
“The President understands first-hand the impact losing a job can have on a family. He understands that very personally. But I’m just not going to get into individual specifics,” she added, as reported by ANI.
Major IT companies, like Google, Microsoft, Amazon, and Twitter have sacked thousands of IT professionals. Recently, US market regulator Securities and Exchange Commission (SEC) said that approximately 10,000 people will be let go by Microsoft Corporation by the end of the third fiscal quarter of 2023 due to macroeconomic factors and shifting customer priorities.
Microsoft last week cut nearly 5 per cent of its global workforce. It’s one of a number of tech companies, including Google, Amazon, Salesforce, and Facebook parent Meta, to announce mass layoffs.
Microsoft on Tuesday logged a 12 per cent decline in profit for the October-December quarter, reflecting the economic uncertainty it said led to its decision to cut 10,000 workers, reported by news agency AP. Microsoft reported quarterly profit of $16.43 billion, or $2.20 per share. Microsoft clocked revenue of $52.75 billion in the October-December period, its second fiscal quarter, up 2 per cent from the same period a year ago.