125,000 laid off in deep layoffs as recession fears intensify, according to Forbes Tracker

Top line

According to statistics, nearly 125,000 employees have lost their jobs so far this year, and more than 120 large US technology companies, banks and manufacturers have implemented large-scale layoffs. Forbes The layoff tracker, which documents the mass layoffs (more than 100) starting in June, when recession fears began to surge.

key facts

More than 60,000 U.S. workers have been laid off since early November — 4,800 of whom are expected to be affected by a 10% layoff at semiconductor maker Micron this week — and 4,000-6,000 expected to be affected by a round of layoffs at Hewlett-Packard Inc. , 10,000 people were reportedly affected by a round of Amazon layoffs.

Just this month, banking giant Morgan Stanley cut 1,600 jobs, according to multiple media reports, while Goldman Sachs reportedly announced plans to cut 4,000 jobs, joining Barclays (200), online bank Chime (160), Wells Fargo Bank (36) and Citigroup, which reportedly cut 50 jobs last month.

Tech startups and online businesses have also borne the brunt of the recent layoffs, with online e-commerce site BigCommerce cutting 180 jobs, Airtable cutting 254 jobs, online financial services company Plaid cutting 260 jobs, home services company Thumbtack cutting 160 jobs, and online real estate company Doma. laying closes 515 positions.

A number of media also announced substantial layoffs, including the parent company Gannett in the United States Nowadaysthis detroit free press with indianapolis star– Earlier this month, the media division laid off 6% of its roughly 3,400 employees, followed by another 400 in August.

BuzzFeed CEO Jonah Peretti also announced this month that the online outlet plans to lay off 180 workers, or 12 percent of its workforce, amid “challenging macroeconomic conditions,” while CNN announced layoffs planned, its HLN cable network reportedly disrupted, though CNN didn’t respond Forbes Inquire for further details.

large number

11,000. That’s the number of Facebook and Instagram parent Meta’s layoffs last month — the biggest round of layoffs this year, with CEO Mark Zuckerberg calling it “the hardest change we’ve made in Meta’s history.” In a company memo, Zuckerberg said the company invested heavily and increased hiring at the onset of the Covid-19 pandemic as people increasingly turned to online sites, but acknowledged that the company has since “succumbed to macroeconomic downturn” and “increased competition” have suffered financial losses. “

surprising fact

Peloton has undergone four rounds of layoffs this year — the largest of which affected more than 2,800 employees — as the home fitness equipment maker slumped in the wake of the Covid-era at-home fitness trend. Its latest round of layoffs in October affected about 500 employees, just two months after the New York-based company cut 800 jobs and unveiled plans to close several stores and raise prices on home bikes and treadmills .

tangent

So far this year, more than 91,000 U.S. workers in the tech industry have been laid off, according to Crunchbase data. Tech workers have been hit particularly hard by recent layoffs, including more than 1,000 layoffs at online brokerage Robinhood in August, 1,000 at Shopify in July, 1,000 at biotech company Invitae and 1,280 at Snap. snapshot.

we don’t know

The scale of layoffs at several major companies, including Google and Twitter, has been reported. Last month, Google’s parent company Alphabet reportedly launched a program to identify 10,000 underperforming employees who could be laid off. In September, Google reportedly gave 50 employees of the company’s startup incubator three months to find new positions within the company or face layoffs. Meanwhile, Twitter began a round of layoffs in November that reportedly affected half of the social media giant’s 7,500 employees, following reports that Chief Executive Elon Musk may want to cut as much as 75 percent of the workforce. Multiple media outlets this week, citing tweets and LinkedIn posts from departing employees, said the layoffs were still ongoing.

key background

The layoffs this year come as inflation hit a 40-year high this summer as gas prices soared, surging to an all-time high of $5.02 a gallon in June — though prices have since eased. Meanwhile, home sales have slumped amid a cool housing market; the Federal Reserve has implemented five rounds of rate hikes aimed at slowing economic growth and curbing soaring inflation; and economists have warned that a recession may be on the horizon. In an interview with CNBC’s “Squawk Box” earlier this month, JPMorgan Chase CEO Jamie Dimon warned that inflation would “erode consumer purchasing power” and that a recession could begin by mid-2023.

we don’t know

Report Details…

what to pay attention to

The yield curve, any sign that a recession is imminent.

further reading

46,000 laid off in November alone as layoffs mount (Forbes)

Mass layoffs ramp up in 2022: Micron laying off thousands (Forbes)

Goldman Sachs reportedly plans to lay off as many as 4,000 employees (Forbes)

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