After a huge spike in January, startup layoffs declined last month… but remain elevated relative to much of 2022.

The following comes from layoffs.fyi, which crowdsources its data. Although the website tracks startups with relatively few employees, it also counts large, publicly traded companies such as IBM, Salesforce and Uber. Here’s the breakdown from May 2022 to today:

The list’s inclusion of massive companies is one reason why layoffs seemed to jump in January before tumbling again in February. The first four weeks of 2023 saw some of the nation’s largest tech giants lay off tens of thousands of employees. Amazon let 8,000 workers go, followed almost immediately by Salesforce announcing cuts to a similar number; Microsoft, Google, Spotify, IBM, Philips, and SAP then made significant reductions of their own.

By the time February rolled around, many of the companies with the most tech workers had already unleashed their cutbacks. While some prominent brands also sliced at headcount last month, the numbers were relatively small compared to January—Yahoo let 1,600 workers go, for instance, while Zoom dismissed 1,300.

Layoffs.fyi updates its numbers regularly, so there’s every chance that February’s total could climb a bit. Whether the biggest tech companies will continue with massive layoffs throughout 2023 remains to be seen, however. It’s also important to keep in mind that the tech unemployment rate fell to 1.5 percent in January, according to the latest CompTIA analysis of data from the U.S. Bureau of Labor Statistics (BLS); many industries outside of tech experienced strong tech job demand at the beginning of the year, including and insurance (up 30,576 tech job postings in January) and manufacturing (24,269 tech job postings).

While the prospect of layoffs is frightening, remember that organizations across the economy have a deep hunger for all kinds of tech talent.