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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 job losses.
Jobless claims, a proxy for layoffs, have increased since spring. U.S. job listings fell in June to the lowest level in nine months. The number of people applying for unemployment aid in the U.S. reached its highest level in six months last week.
More than 30,000 tech workers lost their jobs as of July. More than 11,500 of these jobs have been in India. In the mass layoff of workers in the tech sector, fintech companies announced 268 percent more job cuts in May than in the first four months.
- GEICO has reportedly closed all 38 of its agent offices in California, laid off hundreds of employees
- Missfresh laid off nearly all of its delivery staff after collapse
- Walmart has laid off 200 corporate employees
- Beyond Meat cuts about 40 jobs
- PayPal laid off 80 employees and stated they won’t be the last
- CytomX Therapeutics cut 40 percent of its workforce
- Loan Depot fired 2000 workers
- General Motors CEO announced hiring and spending cuts
- Ally Financial’s CEO has announced a hiring slowdown for only priority positions
- Robinhood has cut an additional 780 jobs
- Oracle laid off 100’s of employees last week
- Tonal cuts 35 percent of its workforce
- WHOOP cut 15 percent
- Callisto Media cut 35 percent or 140 people
- Clarify Health let go of 15 workers
- Shopify loses another 1000 jobs
- Outbrain fired 38 people
- Vox Media fired another 39 workers
- Rivian shrunk 6 percent or 840 jobs
- Career Karma fired 60 people
- Metromile let 60 people go
- Shelf Engine fired 43 employees
- Latch fired 115 or 37 percent
- Nylas lost 80 workers
- Glossier fired 104
- Robinhood shrunk 30 percent and lost 1,013 people
- On Deck fired 73
- RingCentral let go of 50 people
- Jam City shrunk 17 percent
- RenoRun laid off 70 staff
- Verizon and T-Mobile have both announced layoffs
- Rad Power Bikes fired 163 employees
- Clearco laid off 125 workers or 25 percent of its staff
- Bozeman Health fired 28 employees and closed 25 open positions
- Lemonade laid off 20 percent of Metromile employees after acquisition
- Zenius is reportedly laying off 600 employees
- General Motors fired 75 people
- HBO Max announced layoffs and cutbacks soon
- SoundCloud will shrink 20 percent
- Fender laid off 300 employees
- Nu Skin began an unknown amount of layoffs, and their parent company Grov Technologies laid off 115 staff
- Wayfair is in a hiring freeze
- Article laid off 216 people or 17 percent of staff
- Loggi lays off 15 percent of its workforce
- Linktree sacks 17 percent of it employees
- Puppet will layoff 15 percent of its staff
- Unbounce lays off 47 workers
- Baffinland sent 1,100 employees layoff notices
- Snapchat has announced future layoffs
- F45 Training has laid off 110 employees
- Re/Max will laid off 17 percent
- Groupon announced future layoffs
- iRobot cut its staff 10 percent which is over 500 staff