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.

Initial claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate.  The Philadelphia Fed manufacturing index fell to a reading of -12.3, and produced the lowest employment reading since May 2021.

• 7-Eleven cuts 880 jobs as part of restructuring
• Arrival considers 800 job cuts in response to “the challenging economic environment”
• Vero bank cuts 75 jobs
• Just Eat eliminates 350 delivery jobs in France
• Capsule has cut an undisclosed amount of its workforce
• Hydrow cut 75 staff members or 35 percent of its workforce
• Flyhomes loses 150 staff or 20 percent
• Lyft fired another 60 employees
• The Mom Project laid off 54 workers
• Olive cut 450 jobs
• Invitae let go of 1000 employees
• Gemini cut another 68 jobs
• Lusha fired 30 workers
• Microsoft Corp. is eliminating many open jobs, including in its Azure cloud business and its security software unit
• Shopify plans to lay off 10 percent of its global workforce, close to 1000 employees
• Re/Max slashed 17 percent of its workforce
• Vimeo is firing 6 percent of its staff
• Rivian will fire 5 percent
• Thrasio cut 20 percent of its employees
• Canopy Growth will let go of 250 workers
• Facebook is preparing for staff cuts up to 10 percent
• Vox Media cuts 39 employees
• Clearco has announced multiple waves of firing
• Co-op Group cuts 400 jobs
• Amazon shrinks staff by 100,000 workers
• Netflix cut another 300 people in June
• Twitter laid off 100 members
• Tesla cut another 200 jobs
• Whoop is cutting 15 percent of its workforce
• Ford plans to cut 8,000 workers in its gas-fueled vehicle division
• Asurion laid off 750 employees
• OpenSea cuts 20 percent of its staff
• ChowNow cut 100 jobs
• Hopin laid off 29 percent 
• U.S. startups have laid off 6,000 employees since the start of July
• Robinhood slashing nearly 25 percent of jobs