When the Economy Goes

This is week 22 of our report of job losses, and with each passing week, the losses grow larger.

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 November, more startup employees left their companies through layoffs than by choice for the first time since April 2020, according to data by Carta.

The Wall Street Journal noted, average layoffs in finance and insurance nearly doubled from September to November from a year earlier. Job cuts increased more than 20 percent among real-estate lessors, brokers and agents over the same period, and by 14 percent in the tech-heavy information sector. 

Job growth slowed to 223,000 in December, a two-year low.

Job postings for human resources positions on Indeed.com were down nearly 36 percent in December from a year earlier compared with a 9 percent decline in all postings over the same period.

Germany’s auto industry is being hammered by the explosion in energy prices, a drop in demand from rising rates, and restructuring to EV’s. 

Supplier companies are being impacted the worst. Druckguss Dohna foundry is closing down by the end of the year losing 287 workers. Steelworkers at ArcelorMittal fear for their jobs as short-time working has been in place since September. 

TE Connectivity is planning 300 cuts across Germany. The major auto companies Volkswagen, Opel/Stellantis, Daimler Benz, and BMW are also passing on the crisis to their workforces. At Opel, a further 1,000 job cuts have been imposed at all three sites since October.

In the entire car division, production is being shifted increasingly to temporary workers. Volkswagen and Ford abandoned Argo AI putting several hundred software engineers at risk:

● Stitch Fix Inc. is cutting 20 percent of its salaried jobs surmounting to over 1,000 staff

● Amazon to lay off 17,000

● Salesforce to cut 10 percent of its workforce, 7,300 staff

● Huobi will cut 20 percent of its staff impacting hundreds

● Scale AI cut 20 percent of its staff

● Emergent Bio Solutions Inc. lost 132 jobs

● Rocket Central cut 20 workers

● Editas Medicine Inc. shrunk 20 percent taking 60 staff

● Mojo Vision lost 110 staff accounting for 75 percent 

● WalMe lost 43 jobs

● OXO and Osprey Funds cut 10 percent of staff 

● SuperRare shrunk 30 percent

● Carbon Health lost 200 workers

● Boise Cascade Elgin Plywood facility underwent unknown amounts of layoffs

● McDonald’s is planning cuts

● Fate Therapeutics Inc. lost 220

● Biocept shrunk 35 percent

● Cue Health lost 388 staff

● Everlane cut 29 corporate employees

● Y-MAbs Therapeutics lost 35 percent 

● SoundHound AI Inc. reported cuts

● Indianapolis Star cut 50 jobs

● Genesis shrunk 30 percent

● Silvergate Capital lost 200 workers

● Helen of Troy cut 214

● Compass underwent a third round of cuts

● Vimeo lost 11 percent 

● Pegasystems Inc. cut 245 jobs

● GlobalFoundries Malta NY cut 221 workers

● GlobalFoundries VT lost 148 staff

● AmDocs lost 700 globally

● Satellogic cut 68 staff

● Lennox Industries cut 114 jobs

● Saxton gLeaf plant reported cuts

● US Steel Corp. Gary Works Facility cut 244 jobs

● Goldman Sachs announced a possible 8 percent reduction affecting 4,000 people 

● Heal Telehealth company lost 242

● Octopus Network cut 12 jobs

● Happy Money axed 152 staff

● Omaze lost 103 workers

● Albahealth Rockwood Tenn. cut 121 workers

● Qualcomm lost 153 staff

● TaxBit cut 15 percent

● Tesla announced hiring freezes and possible cuts next quarter

● Toledo Molding and Die cut 52

● Letterkenny Army Depot lost 60 jobs

● TuSimple Holdings confirms 350 staff axed

● Micron shrunk 10 percent shedding 4,800 people

● PG&E lost 800 contract workers, not layoffs

● M&CO makes over 30 cuts

● ByteDance cuts hundreds in China

● Abcam cut 30 jobs

● S.F. Healthcare will layoff 200 

● Coinbase will slash another 20 percent in second round of major cuts

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