Listed here are the highest US job cuts amid rising recession fears

Big US companies have laid off thousands of employees so far this summer as CEOs fear rising inflation could plunge the economy into recession.

August 2, 2022online mediation Robin Hood Cut 23% of its staff, with CEO Vlad Tenev citing a drop in trading activity, high inflation and a “general crypto market crash” — the move comes after Robinhood laid off 9% of its full-time employees in April, one set of cuts Tenev says “didn’t go far enough”.

August 1, 2022Data technology giant from Texas oracle began laying off an undisclosed number of its estimated 143,000 employees as part of a larger plan to lay off thousands, The Information reported, citing an unnamed source (rumors of job cuts at Oracle have been speculated for almost a month).

July 27, 2022fitness company F45 training laid off 110 employees, or 45% of its workforce, when CEO Adam Gilchrist resigned.

July 26, 2022Ecommerce Business Shopify became the latest company to lay off employees and cut ties with 1,000 (10% of its workforce), CEO Tobi Lutke announced, saying that the surge in demand for online shopping during the pandemic had leveled off and that the company had a bet have that “don’t” don’t pay out.”

July 22, 2022Boston tech watch company Oops has cut 15% of its workforce and told the Boston Globe it now has 550 employees (meaning it has cut almost 97), adding in a statement: “With the macro environment taking a negative turn, we must grow responsibly and our own.” control destiny. ”

July 21, 20227-Elevenwhich operates 13,000 convenience stores across North America, has shed 880 jobs at US companies just over a year after it struck a $21 billion deal to buy Speedway.

July 20, 2022Real estate startup in Seattle To fly home 20% of its workforce, reportedly nearly 200 workers, laid off as the company copes with “uncertain economic conditions”.

July 20, 2022ford plans to lay off up to 8,000 employees as the automaker seeks to move away from gas-powered cars and toward electric vehicle production, Bloomberg reported.

July 19, 2022vimeo CEO Anjali Sud revealed on LinkedIn that the online video company will cut 6% of its workforce to “emerge from this economic downturn as a stronger company.”

July 19, 2022Automated healthcare software startup from Ohio olive 450 employees, nearly 35% of the company, laid off as CEO Sean Lane admitted the company’s commitment to “act with urgency” led to a hiring frenzy that proved too great, prompting him to “take this approach.” to reconsider”.

July 18, 2022crypto exchange Twins less than two months after laying off 10% of the workforce, according to TechCrunch, cut 68 employees — or 7% of the workforce.

July 14, 2022Open seathe New York-based non-fungible token (NFT) company, announced in a tweet that it has laid off 20% of its workforce over fears of “broad macroeconomic instability” with the possibility of a “prolonged downturn.”

July 13, 2022Start of the online order ChowNow TechCrunch reported that 100 employees were laid off as the company balked at a “big and ambitious” budget it couldn’t fund amid fears a stunted market could fuel a recession.

July 13, 2022Tonalthe at-home fitness company, has shed 35% of its workforce amid a deteriorating “macroeconomic climate and global supply chain challenges.”

July 12, 2022Tesla Laid off 229 employees, mostly in the Autopilot division, and closed the San Mateo, Calif., office just weeks after CEO Elon Musk emailed executives saying he had a “super bad feeling.” ‘ in relation to the economy and plans to cut 10% of its workforce, Reuters reported.

July 12, 2022Around 1,500 employees at the international delivery startup guff were laid off (10% of its employees) and 76 of its US warehouses were closed, according to a letter to investors first reported by Bloomberg, as the company moves away from a growth model at all costs.

July 12, 2022California mortgage company credit depot announced plans to lay off 2,000 employees by the end of the year, bringing the number of layoffs to 4,800 in 2022 – more than half of the company’s 8,500 employees – amid a steep downturn in the housing market that “has come down steeply and abruptly ‘ said CEO Frank Martell in a statement.

July 11, 2022Manufacturers of electric cars Rivian revealed plans to lay off 5% of the company’s 14,000 employees in areas that had grown “too fast” during the pandemic and to stop hiring non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported.

July 7, 2022real estate company Re/Max announced plans to lay off 17% of its workforce by the end of the year with a goal of reaching $100 million in annual mortgage-related revenue by 2028.

June 22, 2022JPMorgan Chase — the country’s largest bank — fired and transferred more than 1,000 of its 274,948 employees, citing rising mortgage rates and elevated inflation.

June 15, 2022real estate company compass and redfin announced plans to cut 10% and 8% of its workforce, respectively, after home sales fell 3.4% from April to May, according to the National Association of Realtors, amid concerns the once-hot housing market has cooled.

June 14, 2022About 1,100 coin base Employees learned they had been laid off after losing access to their work email, marking an 18% reduction in the crypto company’s workforce — a move CEO Brian Armstrong said was essential to “during this year.” staying healthy during economic downturns” – and a warning sign of a recession and “crypto winter” after a 10+ year crypto boom.

May 21, 2022used car salesman Carvana CEO Ernie Garcia III emailed 2,500 employees — 12% of the company’s workforce — telling them they’d lost their jobs a week after the freeze on new hires as the company braced for a looming recession in auto sales and reports of a “waste” business style had come back to bite the company.

Many pundits warned the US could be heading for a recession after reports the economy contracted 1.6% in the first quarter of the year. The US Federal Reserve’s announcement in June that it would hike interest rates by 75 basis points, the largest rate hike in 28 years, reignited fears of economic turmoil and a recession. Last month, economists at S&P Global Ratings forecast a 2.4% contraction in GDP by the end of the year, a turnaround from previous forecasts of 2.4% growth. Bank of America warned Wednesday that “economic momentum has slowed” and a “mild recession” is possible by the end of the year. Meanwhile, stocks continue to fall as inflation soars. The latest Bureau of Labor Statistics report showed inflation rising 9.1% from June 2021, with gas, housing and groceries accounting for the largest gains.

Despite the layoffs, the unemployment rate remains low, at 3.6% for four months. In an interview with the Washington Post on Thursday, US Assistant Secretary of Labor Julie Su said she was optimistic the economy would recover, citing 9 million jobs created since President Joe Biden took office and 372,000 new jobs in June.

244,000. That’s how many people filed for jobless benefits last week, an eight-month high and a 3.4% rise from 235,000 the previous week, according to a Labor Department report released on Thursday.

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