Irish Tech, Media, Telecoms Employment Rose in May Despite Meta Cuts
Irish technology, media, and telecoms employment recorded its steepest annual rise in May, per AIB data, despite Meta cutting 350 jobs. The sector showed the fastest activity expansion, though global tech job cuts are anticipated due to AI, with warnings of up to 80 percent losses over the next decade. Overall services PMI also marginally increased.
Employment in Ireland's technology, media, and telecoms (TMT) sector saw its steepest rise in a year during May, according to new AIB data. This occurred despite Meta cutting up to 350 Irish jobs, approximately 20 percent of its local workforce, which was higher than the initially expected 10 percent.
The AIB PMI report indicated the TMT sector had the fastest expansion in activity (54.1) among all sectors, though growth eased since April. Input cost and charge inflation also eased but remained «relatively high». The year-ahead outlook «improved further».
Globally, tech companies are reducing jobs due to the anticipated impact of artificial intelligence, with Ireland particularly affected given the large operations of leading tech firms there. Industry figures have privately warned ministers that up to 80 percent of tech jobs globally could be lost over the next decade.
More broadly, the seasonally adjusted PMI for the services industry rose to 50.8 in May from 49.7 in April, signaling a marginal activity rise. The 12-month outlook improved to a three-month high, driven by anticipated demand increases and market expansion, despite sentiment remaining subdued due to «geopolitical uncertainties and rising costs».