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Layoffs in the tech sector exceeded 80,000 as of July of this year.
Amazon and Amazon Web Services have submitted 40,757 H-1B, H-1B1, and E-3 visa requests. NVIDIA is second at 27,244. Goldman Sachs, over 26k. Microsoft, 14,171. Apple is 8,393.
Microsoft has laid off 15k in their latest cuts. 82% of their H-1B applications have been for positions that the company classifies as Level 1 or Level 2…entry or mid-level roles paid below the 35th percentile.
Microsoft is not required to even attempt to find Americans for those roles.
In Yale’s recent poll, voters aged 18-21 sided with Republicans by double-digit margin. Gee, I’m shocked.
The media is fully on board with cutting private sector jobs, but gets outraged when government sector jobs are cut; e.g., the NYT headline was “Cuts at State Department Demote Longtime U. S. Values” when 1,300 State dept employees were let go.
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https://x.com/heyjchu/status/1943681609829355940
I have a friend who has a son in a Physics program at UWisc. (Why he’s there instead of Stanford, or an elite Ivy or UC is another story). I’ve been sending these types of job market updates, because what we’re seeing doesn’t make sense from a supply and demand point of view.
https://x.com/unusual_whales/status/1942971255029895266
Why are American Physics, Computer Engineering, and Computer Science graduates facing high unemployment rates? Did too many people major in those fields? Are American universities churning out unqualified graduates? I doubt it.
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I hate to say it, but it doesn’t surprise me.
On the other end of the spectrum, there’s some interesting information. Per a Fast Company article, 28.7% of LA construction workforce is undocumented, 17.5% in manufacturing, 16% in wholesale trade, over 15% in retail trade. In Ventura County, 70% of farm workers are undocumented. In Santa Barbara County, it’s closer to 80%.
In sum, 1/3rd of California jobs are held by immigrants. I lived for four years in Michigan, where the rate is 8.7%. In other words, if you want your car washed (and you need it in Michigan because of the salt slush), an American citizen does it. Ditto for housecleaning, landscaping, entry- and mid-level jobs of most kinds. Yes, you pay a few bucks extra per hour. Yes, business owners make less. And yes, an expensive house in California is $10 million, and an expensive house in Michigan is $1 million.
Please don’t waste my time with “American citizens won’t do those jobs.” Yes, they will. Yes, a major part of California’s economic success is built on the backs of immigrants, and Californians loooooooove to virtue-signal their virtue in their virtuous support of immigrants.
Despite its prosperity, California has the second-highest unemployment rate of any state in the country, and have been in the Bottom Five for Worst Unemployment for decades. Imagine my surprise.
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