Market comment - Tech job cuts need to be put in perspective

Davy Research
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Last week saw further news of job cuts within the information and communications technology (ICT) sector, with Alphabet (6%) and Microsoft (5%) both announcing significant cuts in their global headcount. However, the quantum of ICT sector job cuts announced so far is still relatively small, likely to only partially reverse aggressive hiring in the past 12-18 months. It should also be viewed in the context of the 9% (or 24,000 rise) in aggregate multinational sector employment in Ireland to 301,500 in 2022.