WHEN THE ECONOMY FALLS JOBS GO WITH IT

Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses. In previous downturns, usually blue collar workers, such as truck drivers, were the first ones to lose their jobs. However, this time the cuts seemed to be focused mainly on middle manager office jobs, especially in the Tech sector.  

More than half of U.S. executives said they were considering workforce reductions in the next year, according to a KPMG report. Job cuts announced by U.S. employers jumped 13 percent in October to 33,843, highest since February 2021.

● Meta cut 11,000 jobs Wednesday
● Phillips 66 cut 1,100 jobs and returns billions to shareholders
● Schaeffler will cut 1,300 jobs worldwide
● Salesforce cut will affect 2,500 people
● Zendesk announces 300 job cuts
● China’s Zero Covid Policy is causing many banks to cut staffing in the
Asia specific offices
● Silicon Valley companies have laid off 20,000 workers in the last
week
● Cloudinary is cutting 8 percent, around 40 people
● Reports of Amazon plans to layoff 10,000 workers has been released
● Sema axed 400 workers
● Science 37 fired 90 staff
● DZConneX laid off 92 in Florida
● Twitter cut 4,400 contract workers
● Lyft cut 227 jobs
● Disney+ plans cuts and hiring freezes
● GE Appliances cut 5 percent of salaried workers
● Cameo cut 80
● iRobot fired another 100 staff
● QuarterNorth Energy fired 135 people
● Bright Health Group Minnesota cut 99 jobs
● Coinbase axed another 60 employees
● RingCentral shrunk 10 percent
● Roots cut 160 jobs
● Juul laid off 400 workers
● SoundHound fired 45 staff
● C.H. Johnson Worldwide cut 1,000 jobs
● Sumitomo Pharma’s Marlborough facility cut 360 workers
● Redfin cut another 862
● PayPal laid off 59 workers
● Everbridge cut 200
● Builders FirstSource laid off 2,600 employees
● Astra shrunk 16 percent
● Oatly the oat milk brand is planning to cut jobs