Concerns about tech layoffs skyrocketing

RALEIGH – Layoff anxiety is growing in the Triangle and elsewhere even though an economist told the Associated Press last week that job cuts remain “surprisingly low.”

Proof? Searches for tech layoffs skyrocketed since a year ago, according to data provided for WRAL TechWire’s weekly Layoff Watch report.

Big firms with deep or growing Triangle roots – Microsoft, Google, Apple, Cisco, Amazon – have drawn a lot of interest and worry.

And concern about layoffs in the tech sector are rising at a far faster rate than those concerned about the life science or biotech sectors, according to the data from search marketing firm Conductor. Searches for “tech layoffs” skyrocketed year-over-year, rising by 15,757%, the search firm found.

Not just in tech, Conductor adds. Searches for “startup layoffs” and “tech company layoffs” increased by 4,300% and 9,400% respectively, the data showed.

Jobs drying up: 17 of 20 Triangle employment sites show fewer openings

Worries also are rising in the state’s life science sector.

Anxiety in the Triangle

Each week, the WRAL TechWire Jobs Report tracks the number of job openings at more than two dozen companies with facilities in the Triangle. We took a look at the data shared by Conductor about these firms, to measure where concerns about layoffs have increased the most:

Amazon: 2,431% increase in searches for “Amazon layoffs” between July 2021 and July 2022
Apple: 2,471% increase in searches for “Apple layoffs” between July 2021 and July 2022
Cisco: 50% increase in searches for “Cisco layoffs” between July 2021 and July 2022
Citrix: 233% increase in searches for “Citrix layoffs” between July 2021 and July 2022
Eli Lilly: 100% increase in increase in searches for “Eli Lilly layoffs” between July 2021 and July 2022
Fidelity Investments: 133% increase in searches for “Fidelity Investments layoffs” between July 2021 and July 2022
FUJIFILM Diosynth Biotechnologies: 75% decrease in searches for “FUJIFILM layoffs” between July 2021 and July 2022
Google: 3,757% increase in searches for “Google layoffs” between July 2021 and July 2022
IBM: 45% decrease in searches for “IBM layoffs” between July 2021 and July 2022
IQVIA: 800% increase in searches for “IQVIA layoffs” between July 2021 and July 2022
Labcorp: 600% increase in searches for “Labcorp layoffs” between July 2021 and July 2022
Lenovo: 85% increase in searches for “Lenovo layoffs” between July 2021 and July 2022
MetLife: 52% decrease in searches for “MetLife layoffs” between July 2021 and July 2022
Microsoft: 8,387% increase in searches for “Microsoft layoffs” between July 2021 and July 2022
NetApp: 126% increase in searches for “NetApp layoffs” between July 2021 and July 2022
Novo Nordisk: No change, year-over-year
Novartis: 4,700% increase in searches for “Novartis layoffs” between July 2021 and July 2022
Pendo: 300% increase in searches for “Pendo layoffs” between July 2021 and July 2022
Red Hat: 180% increase in searches for “Red Hat layoffs” between July 2021 and July 2022

And layoffs are being made.

Keter, US, Inc., who will lay off 68 workers in Stanley “due to changing business needs at the facility,” according to a required notice that the company filed with the North Carolina Department of Commerce on August 25.
67 employees at UNC Rockingham Hospital in Eden could lose their jobs, according to a report published by the North Carolina Department of Commerce, or at least face a change in employer, according to a notice filed by Crothall Healthcare and Morrison Healthcare obtained by WRAL TechWire.

“We reasonably anticipate that most employees will be hired by the new vendor,” the notice reads. Still, 67 employees are affected, the notice confirmed.

Who is hiring? These Triangle tech and life science firms are still recruiting

Report that layoffs aren’t actually that high might ring hollow to the workers at, for instance, Robinhood and Peloton, both of which have layoffs multiple times in the last few months, and both of which had made major employment moves into North Carolina that have now changed.

“The economy remains a puzzle with economic growth still negative, but job layoffs remain surprisingly low,” said Christopher Rupkey, chief economist at the research firm FWDBONDS LLC, in a report published by the Associated Press last week. “The recession everyone knows is coming isn’t here yet.”

More layoffs hit North Carolina workers as Keter to lay off 68 workers in Gaston County

Bad news delayed at Novartis

There will be layoffs at Novartis, which last week announced it would close a Wilson plant, affecting 240 workers. But the closing has been pushed back to next year.

Before that announcement came, search traffic about layoffs at the company spiked.

According to data from Conductor, provided upon request to WRAL TechWire, searches for “Novartis layoffs” increased by 4,700% year-over-year, between July 2021 and July 2022.

Drug giant Novartis to close plant in Wilson where more than 240 people work

Most recent companies making layoffs

Here’s what’s changed since the last WRAL TechWire Layoff Watch:

Aug. 29 – Keter, US, Inc. will lay off 68 workers in Stanley “due to changing business needs at the facility.”
Aug. 29 – 67 employees at UNC Rockingham Hospital in Eden face job losses
Aug. 29 – Pandemic ‘winners’ including Peloton, Wayfair, Netflix, Zoom… are now losers
Aug. 26 – Novartis to close Wilson plant, affecting 240 workers.
Aug. 25 – Outdoor furniture manufacturer Keter will lay off 68 workers from a Gaston County facility, according to a notice filed with the North Carolina Department of Commerce.
Aug. 25 – Amazon will shut down the hybrid virtual and in-home care service, Amazon Care
Aug. 25 – Fewer Americans filed for unemployment benefits than the prior week, but the four-week average rose, the Associated Press reported.
Aug. 22 – Ford announces layoffs of 3,000 white collar workers, CNN Business reported.

August tech layoffs

Aug. 22: NC TECH releases July 2022 IT Job Trends report, showing a significant drop in tech job openings month-over-month
Aug. 19: Wayfair making layoffs globally
Aug. 16: Centene reportedly cancelling investment plans for $1 billion campus in Charlotte
Aug. 14 – Arrival confirms to WRAL TechWire that the company has laid off 35 workers in Charlotte following a corporate restructuring impacting about 30% of global employees announced earlier this year.
Aug. 12 – Peloton announces additional job cuts, after laying off workers earlier this year
Aug. 11 – Layoffs announced in Johnston County and Pitt County, through the North Carolina Department of Commerce WARN report
Aug. 9 – GoHealth announced 800 layoffs, including 140 in the Charlotte area, a spokesperson confirmed to WRAL TechWire on August 16

Layoffs to hit 200+ workers in Johnston, Pitt Counties

More August layoffs

Aug. 4 – Robinhood will make layoffs of 23% of its workforce, a few months after slashing 9% of workers. This includes laying off 82 workers in Charlotte and closing the company’s office facility there, at which it had promised to hire nearly 400 workers not more than 18 months ago
Aug. 4 – Walmart will cut 200 corporate jobs, according to a CNN report
Aug. 4 – Jobless benefit applications are again on the rise, according to the U.S. Labor Department, which is a sign that more layoffs are occurring
Aug. 2 – Job openings have plummeted since the last monthly survey, according to the data from the Bureau of Labor Statistics, the lowest since September 2021
Aug. 1 – Oracle reportedly to lay off thousands of workers

Layoffs alert: Cargo services firm in Charlotte cutting 154 workers

Tech layoffs announced in July

July 29 – Cargo services firm in Charlotte cutting 154 workers
July 27 – The latest survey results from NC TECH show that 1.6% of surveyed companies have laid off, considered making layoffs, or furloughed workers, and another 17.5% have already implemented a hiring freeze.
July 27 – Automaker Rivian will lay off about 6% of its workforce, the founder and CEO sent in an email to employees (TechCrunch report.)
July 26 – Layoffs at Shopify, with approximately 10% of global workforce slashed

Layoffs still keep coming despite better-than-expected jobs report

Other reports

More on layoffs announced earlier this year:

Invitae announced it planned to lay off as many as 1,000 workers globally and Arrival, with a North American headquarters in Charlotte, announced it could cut 30% of its staff in the coming months. They’ll be making additional announcements in the coming weeks.
Microsoft, which as recently as last month, told WRAL TechWire that it was hiring for hundreds of positions locally in the Triangle, has now also announced that it will cut hundreds of jobs. The firm is still hiring in North Carolina, according to the latest WRAL TechWire Jobs Report, though it does shows a drop off in the number of openings locally at the firm compared to earlier this year.
Peloton, which had something of its own pandemic boom and bought a North Carolina company previously, announced it would no longer manufacture its own stationary exercise bicycles, and would lay off some 600 workers. (Editor’s Note: This was the first announcement from Peloton; the second announcement came last week.)
And Biogen, which has a big presence in RTP, announced layoffs in a move to reduce costs last month, as well.
Last month, technology startup Adwerx announced it would lay off 40 workers, citing “macroeconomic uncertainty.”