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Economic uncertainty starts to hit tech job market

Published: 05/22/2022

Concerns about an economic slowdown, fueled by factors including inflation and a declining stock market, are starting to be felt by individual tech job seekers as some companies start to put the brakes on their employment growth.

In some cases, companies are rescinding job offers after they’ve been signed, creating a difficult situation for people who had cancelled interviews or turned down competing offers from other companies.

However, recruiters and tech leaders say the impact is not yet widespread, and depends highly on the sector in which a company is operating and the types of positions it’s filling. Engineers, for example, remain in high demand. 

High-tech real estate brokerage Redfin confirmed Friday that it has “made the difficult decision to freeze hiring and rescind a small number of job offers” in an effort to adapt quickly to “economic uncertainty and a rapidly cooling housing market caused by the fastest jump in interest rates in history.”

“We extend our sincerest apologies to the people who’ve been impacted,” the Seattle-based company said in a statement. “Changing our hiring plans in response to changing conditions is painful but necessary to keep the company on a path to continued growth.”

One recent U.C. Irvine informatics graduate wrote on LinkedIn that a job offer she signed in December with Redfin was rescinded this week, less than a month before she was to start work as a product designer in San Francisco. 

Facebook parent company Meta, which employs more than 7,000 people in the Seattle region, also indicated Friday that it’s tentatively tapping the brakes on its growth companywide.

Read more: geekwire 

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