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Why are major companies laying off thousands of employees?

Tech leaders say signs of a slowing economy and rapid hiring during the pandemic are to blame for the layoffs.

CHARLOTTE, N.C. — Why are major companies laying off thousands of their employees?

Let's connect the dots.

So far this month, we've seen at least 48,000 job cuts announced by companies like Microsoft, Amazon, Meta and others.

Those cuts come as employment in the US remains strong with over 200,000 jobs added in December. Tech leaders say signs of a slowing economy and rapid hiring during the pandemic are to blame for the layoffs.

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The tech sector grew exceptionally fast as folks began working from home and even after the cuts, many companies are still more extensive than they were before the pandemic started.

While Microsoft is cutting 10,000 jobs here in the Carolinas, they're still hiring with job positions open in North Carolina's research triangle.

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