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The layoff binge continues to escalate. This is week 37 of our reporting the long trend-line of layoffs that signal recession in a country near you. And now, with The Street betting that the Federal Reserve will raise interest rates 25 basis points tomorrow, the economy will slow down and the job cuts will increase.
And, as we note in this Trends Journal, while some of the numbers show job increases, they are mostly in the low-paying sector as higher-paid employees are being laid off.
Hi-Tech Gloom
Making a bad situation worse, in the new AI world, massive layoffs will accelerate. It is reported that Goldman Sachs warns that about 300 million highly paid workers in the U.S. and Europe will be replaced by artificial intelligence.
Their chief economist Jan Hatzius says, “using data on occupational tasks in both the U.S. and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work. Extrapolating our estimates globally suggests that generative AI could expose the equivalent of 300 million full-time jobs to automation” as up to “two-thirds of occupations could be partially automated by AI.”
In fear of what lies ahead, over 1,000 people in the hi-tech industry signed a letter calling for a six-month moratorium on future AI development because it will have “profound risks to society and humanity.” Also, a score of top people in the Association for the Advancement of Artificial Intelligence sent out a letter warning of future AI risks.
Here is the latest list of job cuts:
● Zoomo – 8 percent or 27 in its second round of cuts
● Morgan Stanley – 3,000 more cuts
● Nordstrom – 2,500 (Canada)
● Meta – 1,500 (Bay Area)
● Harvard Media – 15 percent
● GM – 100’s of contract workers
● Vice Media – 100
● Lazard – 10 percent or 340
● Clubhouse – 50 percent
● GAP – 1,800 in second round
● Dropbox – 500
● Union Distillers – 50
● Walker & Dunlop – 8 percent or 110
● Meridian Capital Group – 5 percent
● Highmark Health – undisclosed amount
● Alteryx – 11 percent
● Amazon Studios and Prime Video – 100
● Lyft – 26 percent or 1,072
● Rad Power Bikes – undisclosed amount, 4th round
● Tickertape – 30 percent or 29
● Tyson Foods – 15 percent of leadership roles and 10 percent of corporate jobs
● Amazon – undisclosed amount in AWS division
● Varta – 800 (Germany)
● 3M – 6,000
● VEC – 157
● Insider – 10 percent
● Prezzo – 810 jobs at risk (UK)
● Red Hat (IBM owned) – 4 percent or 800
● Commercial lending startup Lev – 34
● Morgan Stanley – Plans 3,000 More Job Cuts
● Makita U.S.A. Inc. – 213 nationwide
● Phoenix Labs – ~30
● Frederick Health Hospital – Eliminated 150 Vacant Positions this year
● PWCC – 30
● IBM to pause Hiring – Plans to replace 7,800 jobs with AI
● Cogito – 177 in New York, Delhi NCR
● The Sierra Club – Layoffs?
● Savannah State University – 23
● Vera Bradley – 24 Corporate Jobs
● Enzo Biochem in Farmingdale NY – 247
● Sangamo Therapeutics – 120
● Vernon School Board NJ – approve 45 Layoffs
● CrossFit LLC – Layoffs
● Jenny Craig – warns staffers of mass layoffs
● Chief – 14 percent or 43
● KTVL – Entire News Staff, 17
● Vroom – 120
● IDW Media Holdings – 39 percent
● Highmark Health – 87 last week
● Film and TV studio Fifth Season – 8
● GreenHouse – 100
● Mean Green’s Hamilton and Ross Twp. facilities. – 20
● Mizkan America in Owensboro Facility – 39
● Meridian Capital Group – 5 percent
● Paper Magazine – 20 to 30
● TeamPay – 10 to 15
● Stellantis – offering buyouts to 33,500 US employees
● Austin Disaster Relief Network – 24
● Virginia Employment Commission – 157
● Durham School Services Washington – 226 Layoff Notices
● Arizona Daily Star – 10
● RapidAPI – 115
● Anthemis Group – 16
● Pluralsight – 20 percent of its staff, No #
● BigPanda – 40
● Community Healthlink – 80
● Trinity Health – < 40
● First Republic – plans up to 25 percent layoffs