By Nicholas Brown, Tech & Politics Correspondent, Stock Trader Network

Updated: August 3, 2026

Tech companies continued to cut jobs in July, however Blu Putnam, chief economist at Stock Trader Network, said recent labor data remain consistent with a slow-moving “no hire, no fire” economy rather than the beginning of a downturn.

Still, Layoffs.fyi tracked that 257 companies had announced cuts affecting 124,682 employees this year as of August 3. The figures include announced reductions, some of which may be implemented in stages.

Companies reporting layoffs in July included:

• Coursera (COUR)
• Amazon (AMZN)
• Microsoft (MSFT)
• Sprout Social (SPT)
• Samsung (SSNLF)
• Intel (INTC)
• Uber (UBER)
• BuzzFeed (BZFD)
• ServiceNow (NOW)
• ChargePoint (CHPT)
• Chime (CHYM)
• Visa (V)
• Volkswagen (VWAGY)
• Diageo (DEO)
• Porsche (POAHY)
• Verizon (VZ)

The list is based on data compiled by Layoffs.fyi.

What Companies Told STN

Visa confirmed the accuracy of a Bloomberg report detailing its cuts, including excerpts from an internal memo, but declined to comment further.

Porsche referred STN to an agreement reached by its executive board and General Works Council. The company’s “Future Package” outlines restructuring measures intended to reduce costs and support its longer-term product strategy.

Volkswagen referred STN to information presented during its first-half 2026 investor and media call.

Blu Putnam’s Take: “No Hire, No Fire Zone”

Putnam said the July announcements do not, on their own, point to a meaningful deterioration in the overall U.S. labor market.

“I am not seeing anything in the recent economic data to suggest the monthly job gains/loss picture is changing for the economy as a whole. The jobs picture is for slow growth with monthly volatility. Looks like we are still in the no hire, no fire zone.”

The unemployment rate has remained relatively stable in part because the labor force is growing slowly. Limited immigration and continued retirements among older workers have constrained the number of people entering the workforce.

Putnam also noted that announced layoffs are frequently staggered over time and distributed across individual companies. That can make a long list of corporate announcements appear more severe than their immediate effect on the national labor data.

The cuts are also concentrated in particular industries.

“Finance and some technology companies are shedding jobs. Health care is gaining jobs,” Putnam said. “Like the stock market, we may be seeing job rotation rather than evidence suggesting an economic downturn.”

Weekly unemployment insurance claims have not shown a sustained rise in firing activity. Putnam cautioned, however, that seasonal adjustments could make the data more difficult to interpret over the next several weeks.

“Watch out for seasonal factors in the economic jobs data. August–September is very challenging due to the changing dates of when schools start and when Labor Day lands (very late this year). Weekly data is more messed up than monthly data, but both have issues at this time of the year, and again in the Dec–Jan period.”

Putnam said he is also watching the labor-force participation rate for evidence of a more meaningful change beneath the headline employment figures.

“One of the big issues in the overall jobs data is the labor participation rate, so I am following that.”

Dennis Dick Says the Efficiency Trade Is Still Working

Dennis Dick, chief strategist at Stock Trader Network, views the cuts through a different lens—how investors respond when companies reduce headcount and promise lower expenses.

“The ‘efficiency trade’ is a trend that will continue into the second half,” Dick said. “The market has rewarded companies that have been increasing job cuts.”

Investors have repeatedly pushed shares higher after companies paired workforce reductions with plans to improve margins. That reaction can give other management teams an incentive to pursue similar measures, particularly when revenue growth is slowing.

“This trend started with XYZ back in February when XYZ laid off 40% of its workforce and the stock rallied more than 10%. We’ve seen a number of companies follow suit,” Dick said.

Dick expects the adoption of AI tools to extend the trend beyond conventional cost cutting:

“As AI continues to grow, it will make employees much more productive which will likely lead to more layoffs in the future.”

“I’d expect this trend to accelerate in 2027.”

Readers can send information about announced workforce reductions to nick@stocktradernetwork.com. STN subscribers may also share tips in the STN ThinkTank.