Tech companies are slowing layoffs but still not yet resuming hiring

Tech companies aren’t yet ramping up hiring after massive layoffs over the past year, despite a surge in interest in artificial intelligence, requiring workers with special skills.

Still, job cuts in the tech industry appeared to slow in June and July and are on track to be even lower this month, according to an analysis by research firm Jefferies, citing proprietary data as well as that from job marketplace TrueUp.

The tech sector had some of the earliest and steepest workforce reductions as the economic downturn forced companies to cut costs and eliminate a glut of staffing created during the pandemic boom.