Home Business Here are the major U.S. job cuts as recession fears grow

Here are the major U.S. job cuts as recession fears grow

0

Major US corporations have laid off thousands of staff so far this summer as CEOs fear soaring inflation could tip the economy into a recession.

August 1, 2022Texas-based data technology giant Oracle started to lay off an undisclosed number of its approximately 143,000 employees, as part of a larger plan to cut thousands of people, information reported, citing an anonymous source (rumors of job cuts at Oracle have been circulating for almost a month).

July 27, 2022fitness company F45 Training fired 110 employeesor 45% of its workforce, CEO Adam Gilchrist having resigned.

July 26, 2022E-commerce business Shopify became the latest company to lay off employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi Lutke announcementclaiming that the growing demand for online shopping during the pandemic has leveled off and that the company made a bet that “did not pay off”.

July 22, 2022Boston Technology Watch Society Shout reduced its workforce by 15%, indicating to the boston globe it now has 550 employees (meaning it has cut almost 97), adding in a statement: “Given the negative developments in the macro environment, we need to grow responsibly and control our own destiny”.

July 21, 20227 elevenwhich operates 13,000 convenience stores in North America, cut 880 jobs at U.S. companies, just over a year after reaching a $21 billion deal to buy Speedway.

July 20, 2022Seattle real estate startup Go home laid off 20% of its workforce, reported be nearly 200 workers, as the company navigates “uncertain economic conditions”.

July 20, 2022Ford plans to lay off up to 8,000 employees as automaker seeks to move away from gas-powered cars and into electric vehicle production, Bloomberg reported.

July 19, 2022Vimeo CEO Anjali South announcement on LinkedIn, the online video company is cutting 6% of its workforce to “emerge from this economic downturn a stronger business”.

July 19, 2022Ohio-Based Automated Healthcare Software Startup olive fired 450 employees, nearly 35% of the company, as CEO Sean Lane admitted, the company’s commitment to “act with urgency” led to a hiring spree that proved too much. cumbersome to manage, prompting him to “rethink this approach”.

July 18, 2022Crypto exchange Gemini cut 68 employees, or 7% of its workforce, less than two months after laying off 10% of its workforce, according to Tech Crunch.

July 14, 2022OpenSeathe New York-based non-fungible token (NFT) company, announced in a Tweeter it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of a “prolonged downturn”.

July 13, 2022Start ordering online Chow Now laid off 100 people, Tech Crunch reported, as he backs away from a “large and ambitious” budget he was unable to meet amid fears a stunted market could fuel a recession.

July 13, 2022Tonalthe home fitness business, To cut 35% of its workforce amid worsening “macroeconomic climate and global supply chain challenges.”

July 12, 2022You’re here fired 229 employees, mostly in its Autopilot division, and closed its San Mateo, Calif., office just weeks after CEO Elon Musk emailed executives saying he had a “super bad hunch” about the economy and planned to cut 10% of its workforce, Reuters reported.

July 12, 2022Some 1,500 employees of the international delivery startup gopuff were laid off (10% of its staff) and 76 of its US warehouses were closed, according to a letter to investors first reported by Bloombergas the company moves away from a growth-at-all-costs model.

July 12, 2022California-based mortgage lender loanDeposit announcement plans to lay off 2,000 workers by the end of the year, bringing its layoffs in 2022 to 4,800 – more than half of the company’s 8,500 employees – amid a precipitous downturn in the housing market that contracted “sharply and sharply,” CEO Frank Martell said in a statement.

July 11, 2022Electric car manufacturer Rivian plans unveiled to lay off 5% of the company’s 14,000 employees in areas that grew “too rapidly” during the pandemic and suspend the hiring of non-industrial workers, according to an internal email from CEO RJ Scaringe, reported Bloomberg.

July 7, 2022Real estate firm Re/Max announcement plans to lay off 17% of its workforce by the end of the year, aiming to generate $100 million in annual mortgage-related revenue by 2028.

June 22, 2022JPMorgan Chase – the largest bank in the country – fired and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and rising inflation.

June 15, 2022Real estate companies Compass and red fin announced plans to cut 10% and 8% of their workforce, respectively, following a 3.4% drop in home sales from April to May, according to the National Association of Realtors, as the housing market once scorching accommodation had cooled.

June 14, 2022Some 1,100 Coinbase employees learned that they had been published after losing access to their work emails, marking an 18% reduction in staff at the crypto firm – a move CEO Brian Armstrong called critical to “staying healthy during this economic downturn” – and a harbinger of a recession and a “crypto winter” after a crypto boom of more than 10 years.

May 21, 2022used car dealer carvana CEO Ernie Garcia III sent an email to 2,500 employees – 12% of the company’s workforce – informing them that they had lost their jobs, a week after freezing new hiring, while the company was about to face what looked like an impending recession in car sales, and reports of a “spendthrift” business style had come back to bite the enterprise.

Many experts have warned that the United States could be heading into recession following reports on the economy contracted 1.6% in the first quarter of the year. The Federal Reserve’s announcement in June of a 75 basis point interest rate hike, its largest rate hike in 28 years, has reignited fears of economic turbulence and recession. Last month, economists from S&P Global Ratings provide a 2.4% fall in GDP at the end of the year, an inversion of past forecast 2.4% growth. Bank of America issued a Attention Wednesday that “economic momentum has faded” and that a “mild recession” is possible by the end of the year. Meanwhile, stocks continue to drop as inflation soars. The latest report from the Bureau of Labor Statistics revealed a 9.1% rise in inflation from June 2021, with gasoline, housing and food making up the largest increases.

Even with the layoffs, the unemployment rate remains low, holding steady at 3.6% over the past four months. In an interview with the Washington Post On Thursday, U.S. Assistant Labor Secretary Julie Su expressed optimism the economy is recovering, citing 9 million jobs created since President Joe Biden took office and 372,000 new ones. jobs in June.

244,000. That’s the number of people who applied for unemployment benefits last week, an eight-month high and a 3.4% increase from 235,000 the previous week, according to a labor ministry. report released Thursday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here