When major companies start large employee layoffs you know a recession is coming. Jerome Powell and the Federal Reserve are raising interest rates and the effect is obvious. Powell is not finished raising rates as proven by the continuing low Unemployment Insurance Weekly Claims Report issued by U.S. Department of Labor.
Major US technology companies have collectively laid off more than 100,000 workers in January alone, with the majority of the firms citing a bleak economic outlook and recession fears as the core reason for the layoffs.
Amazon on March 20, 2023 announced that it will cut additional 9,000 jobs, after announcing 18,000 job cuts in January 2023. That included the closing of DP Review the camera advice web site.
Electronic Arts, the maker of video game franchises such as Battlefield, FIFA and Madden, announced layoffs affecting roughly 6% of its workforce in March 2023. That translates to 775 jobs.
Warner Music Group, the New York-based entertainment company announced job cuts affecting 270 positions.
Lucid Group, a San Francisco Bay area electric car maker, announced an 18% job cut of its more than 7,200 employees.
Disney announced earlier in March that it is planning to layoff 7,000 employees across divisions.
PayPal unveiled cut 2,000 employees, becoming the latest U.S. company to reduce its headcount, just hours after software company HubSpot announced it would lay off 500 positions in an effort to reduce costs.
Coast Contact 