👋 Welcome, Jobseekers

"The courage isn't in taking on more, it's in cutting off everything that doesn't feed your goal."

If it feels like you're living through a modern Great Depression, you’re not far off—especially if you're working part-time, underpaid, or ghosted by every “we’ll be in touch.” This week, we dig into the real unemployment rate (hint: it’s not 4.2%), expose which industries are quietly bleeding talent, and drop tools to help you land your next role before the next layoff wave hits. Let’s get into it.

• 📉 Layoff Report: STMicro plans to cut 5,000, Amazon, ZoomInfo, and too many others…

• 🧑‍✈️ Career CoPilot: Functional Unemployment Hits 24%, Approaching Great Depression Levels

• 📈 Trends & Data: Where Are Workers Actually Jumping?

• 🔧 Jobseeker Tools: Jobright, PeerList, Sonara

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📉 STMicro plans to cut 5,000, Amazon, and ZoomInfo

• Sony confirms layoffs at Bend Studio 

• Wolfspeed lays off one-third of workforce at new plant as chipmaker teeters 

• Salto cuts 50% of staff as it refocuses on cybersecurity market 

• ZoomInfo will cut 150 jobs 

• CareerBuilder + Monster Signal Imminent Layoffs as Sale Looms 

• 1-800 Contacts closes Israeli subsidiary 6over6, cuts 60 jobs 

• Amazon cuts more jobs, this time in books division 

• Spotify Lays Off Staff Across The Ringer and Podcast Studios Business 

• Playtika layoffs hit Best Fiends and Redecor teams 

• Amazon provides new details on layoffs at Virginia Street facility 

• STMicro to cut 5,000 jobs in next 3 years, says CEO 

• REE to lay off half of workforce 

• Layoffs at Contitech 

• It’s layoff ‘season’ at Phil Libin’s Airtime 

• Agtech company to lay off dozens in East Bay as it plants HQ closer to CEO 

• ApplyBoard lays off over 150 employees amid broader tech sector turbulence 

Functional Unemployment Hits 24%, Approaching Great Depression Levels

When headlines trumpet a relatively low 4.2% unemployment rate, it's easy to feel confused—why does the job market still feel so bleak? The real answer lies beneath the surface in something called functional unemployment.

What is Functional Unemployment?

Unlike the standard unemployment rate (U-3), functional unemployment considers:

• People without any job at all.

• Workers stuck involuntarily in part-time jobs, desperate for full-time hours.

• People earning wages too low to survive without extra support.

According to the Ludwig Institute for Shared Economic Prosperity (LISEP), the functional unemployment rate in May 2025 hit 24.3%. That's nearly one in four American workers—close to Great Depression territory, where unemployment peaked at around 25%.

Then and Now: The Startling Parallels

The takeaway? Even though the official numbers look tame, many workers today are experiencing Depression-level stress.

What Makes Today Different (and Better)?

Thankfully, some important differences today keep us from plunging fully into a Depression-era economy:

• Rapid policy action: Today's Federal Reserve and Treasury move quickly to stabilize banks and financial markets.

• Robust safety nets: Unemployment insurance, healthcare options, and food assistance programs offer support that didn't exist in the 1930s.

• Digital resilience: Remote work and online gig economies provide ways to survive downturns that earlier generations never had.

Practical Steps for Today's Job Seekers

Given these insights, here’s how you can proactively protect yourself:

1. Evaluate your income stability: Are you functionally unemployed? If part-time or underpaid, strategize accordingly.

2. Invest in highly marketable skills: AI literacy, analytics, sales, and revenue operations roles rebound fastest in a recovery.

3. Double down on networking: 85% of jobs still come from connections, especially during downturns. Commit to strengthening relationships daily.

4. Build a financial buffer: Aim for at least 4–6 months of living expenses. Freelance or fractional roles can keep you afloat.

5. Engage with Offboard’s community: Leverage our tools, AI-driven checklists, and active Slack community for resources, job leads, and mutual support.

Quick Facts to Keep Handy

• Functional Unemployment Rate (May 2025): 24.3%

• Official Unemployment Rate: 4.2%

• Tech Layoffs 2025: 62,832 employees

• Consumer Sentiment Index: 52.2 (20-year low)

Where Are Workers Actually Jumping?

Overview

Job-to-job moves are booming—about 1 in 40 U.S. workers on Indeed switched gigs each month from 2022-24, and nearly two-thirds jumped into a brand-new occupation.

The Details

• 2.6 % of Indeed users change jobs monthly; 64 % also change career tracks.

• Loading & Stocking tops the churn chart: ~3.3 % of roles are refilled every month.

• Media & Comms is the chill zone: just 1.6 % monthly turnover.

• Nursing (66 %) and Software Dev (55 %) are “closed circuits” — most movers stay put in the same field.

• Hospitality, Arts & Entertainment, Childcare, Logistics, Personal Care see 80-91 % of leavers exiting the field entirely.

• Higher exit rates track with lower posted pay and weaker hiring demand; “younger” careers (shorter average tenure) are flightier.

Why it Matters

For tech pros plotting your next leap, this data is a reality check. Software engineering may feel turbulent, but it’s one of the stickiest careers—meaning lateral moves inside tech trump wholesale pivots. If you’re eyeing a new specialty (say, security or AI infra), invest in up-skilling rather than betting on an easy cross-industry hop. On the flip side, if you’re burning out and craving a radical reset, look to high-mobility arenas (logistics tech, retail ops, hospitality tech) where employers welcome fresh skill sets. Understanding which ladders are rigid and which are greased helps you craft smarter search strategies—and negotiate pay from a position of data-driven confidence.

Jobright

Their AI makes landing job interviews dramatically easier and faster! - get matched jobs, tailored resume, and recommended insider connections in less than 1 min!

PeerList

The Professional Network for builders to show & tell!

Showcase your work, launch projects, find jobs, and connect with the most (in)credible people.Interview Prep. Real Questions. Real Employers. Employer designed training with expert feedback and personal guidance.

Sonara

Cast a wider net — 10x your job applications1

Their AI-powered job search automation platform continuously finds and applies to relevant job openings until you're hired

www.sonara.ai

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