Dragflation: Economic growth declining and inflation rising… plus the pressure of interest rate hikes that are drying up the cheap money pool are causing companies in many sectors to lay off employees. Job cuts in September came in at 29,989, up 46.4 percent from a month earlier.  Job cuts have jumped 66 percent year on year in September according to the Challenger report.

To illustrate the employment trends and the socioeconomic implications, each week we will list job losses:

• Goldman Sachs and Wells Fargo make cuts
• Kepro will layoff 100 workers
• Ashley Furniture will shut down a NC plant affecting 111 staff
• Google has shut down its gaming service Stadia
• Stanley Black & Decker cut 1,000 jobs
• WazirX cut 60 staff
• Arcimoto laid off 50 in restructuring
• Tesco to cut 325 jobs
• Arm has cut 1,250 jobs
• Peloton will cut another 500 jobs
• GE is slashing hundreds of jobs at it wind turbine unit with plans for more
• 8×8 has laid off 200 staff
• Facebook is sacking 15 percent of its employees, nearly 12,000 jobs
• Keller mortgage has laid off more employees
• Pioneer Credit Recovery will cut 230 jobs
• Suncor Energy is making cuts
• Meta is reporting a 15 percent reduction
• BioMarin laid off 120 employees
• Spotify laid off 38 podcast workers about 30 percent of union members
• Geico is cutting 70 employees
• Downtown Music and Soundrop fired “several” team members “due to current economic conditions”
• Lower a mortgage lender has cut 6 percent
• Amneal telegraphs lays off for 89 workers
• Homie cut 162 staff
• Spin shrunk 10 percent affecting 78 positions
• Pacaso slashes 30 percent of workforce