WHEN THE ECONOMY FALLS JOBS GO WITH IT

Dragflation: Economic growth declining and inflation rising… plus the pressure of interest rate hikes that are drying up the cheap money pool 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. 

A survey released by PwC, which polled more than 700 U.S. executives and board members across a range of industries.  50 percent of them said they are implementing layoffs or plan to, and 52 percent have implemented hiring freezes. Forty percent are rescinding job offers and reducing or eliminating sign on bonuses.

California collected 12 percent less revenue than expected in July, due to a slowing economy coupled with a downturn in the tech industry.

• Warby Parker cut 63 corporate staff members
• Peloton cut 800 staff, hiked prices and shut down stores
• Best Buy is cutting an unknown amount of staff to improve profits 
• Calm cuts 20 percent of its 400 employees
• GoHealth laid off 800 workers
• SweetGreen is shrinking 5 percent
• Truepill has fired about a third of the company or 175 people, in its third round of layoffs this year. 
• Soundcloud is letting go of 20 percent of its workforce. 
• Hootsuite is laying off 30 percent of its employees or roughly 300 people. 
• Apple lays off recruiters to slow their hiring process
• ThredUp lays off 15 percent of workers amid second quarter losses
• Crypto.com laid off 260 workers in June and has quietly been laying off hundreds more 
• Wayfair will begin cutting 900 jobs after a 70 percent decline in value since the start of the year
• Phillips-Medisize could potentially lay off hundreds of factory workers next month
• Malwarebytes laid off 125 employees as part of restructuring
• LinkedIn members have posted about being laid off this week, at: online pharmacy Capsule, a New York City-based tech unicorn; Michigan-based internet security platform Censys; Utah-based Traeger Grills; online banker Varo, digital-collaboration startup Mural, AI sales platform People.ai, and hiring platform Workstream, all based in San Francisco.
• LinkedIn members shared about staffing cuts made at other companies: real estate tech platform Doma, which also laid off staff in May; cannabis tech Weedmaps; childcare management app brightwheel; analytics software platform Sisu, and payments processor Fiserv.
• Glossier laid off two dozen employees
• Thirty Madison shrunk its staff 10 percent
• New Relic fired 110 or 5 percent of its staff
• Tempo Automation fired 54 employees
• Almanac cut 30 of its jobs
• Core Scientific shrunk 10 percent
• Homeward cut 120 jobs
• Nutanix lost 270 staff
• HBO Max lays off 70 employees
• Genesis Global Trading Inc. is laying off 20 percent of its 260 person workforce
• Ford will cut another 3,000 jobs, mainly in North America shrinking its Canadian staff by 6 percent