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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 new job losses:
- CAA acquired ICM and will be releasing 105 ICM employees.
- Novartis cuts 8,000 jobs or 7.4 percent of its 108,000 strong workforce.
- Substack foregoes fundraising and lays off 14 percent of its staff.
- US Steel announced a possible 950 layoffs.
- 26,000 tech layoffs occurred in June up from 20,000 in May.
- ByteDance has let go of more than 300 since May in its video game department and an additional 3,000 from its educational unit.
- Tencent plans to lay off thousands in their next round of firings.
- About 1,400 employees have been laid off from cyber and privacy firms including Iron-Net Inc., OneTrust LLC, and Cybereason Inc.
- Twitter trims its recruiting staff 30 percent, around 100 people.
- Unity Software Inc. announced a 4 percent staff reduction.
- Microsoft Corp., Snap Inc., and Meta Platforms Inc., have announced hiring freezes.
- California-based loan Depot cut about 2,800 jobs this year and another 2,000 by the end of the year.