The U.S. Labor Department’s job openings report may have overlooked a recent upturn in layoffs, according to new research from Goldman Sachs. Goldman economist Manuel Abecasis stated in a report that available job openings in the United States have declined by a large margin without a boost to the official unemployment rate. Abecasis says that…
Goldman Economist Says US Layoffs Were Far Higher Than Labor Department Reported
January 19, 2023
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Microsoft Is Cutting 10,000 Jobs in Latest of Big Tech Layoffs
Microsoft will cut 10,000 jobs in response to decreasing demand after the pandemic, its CEO said in a note to employees Wednesday. The announcement comes after tens of thousands of job cuts across the technology sector. The layoffs are a response to decreased spending in cloud computing after the COVID-19 pandemic, Microsoft said: “First, as…
Prominent Exchange and Token Issuer Crypto.com Slashing 20 Percent of Workforce
Crypto.com will be laying off about a fifth of its workforce in a second round of layoffs within six months, citing industry-wide issues, including FTX bankruptcy, in what looks like a trying period for the once-booming sector. Although the company “grew ambitiously at the start of 2022,” the “trajectory changed rapidly with a confluence of…
Massive Protests Erupt in China’s Megacity Chongqing Over Abrupt Layoffs
January 11, 2023
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Large groups of workers staged protests on Jan. 7 at a pharmaceutical manufacturing company in Chongqing, a megacity in the southwest of China. The protests erupted after thousands of workers were abruptly laid off by Zybio, Inc., a manufacturer of COVID-19 test kits. Videos posted online show angry workers demolishing boxes of COVID-19 test kits,…
McDonald’s CEO Warns Layoffs for Corporate Staff Are Coming
McDonald’s CEO Chris Kempczinski revealed in a memo to staff on Friday that he is planning to cut some corporate staff as part of the company’s new business strategy. The fast-food giant CEO said the job cuts are intended to help the company innovate faster and work more efficiently. “We will evaluate roles and staffing…
The Year 2023 Could See Mass Layoffs as Tech Job Cuts Soar 649 Percent From 2021
Tech companies laid off a large number of employees in 2022, with firms seemingly set to terminate even more employees this year as they plan for an impending economic downturn. Last year, employers announced plans to cut 363,824 jobs, up 13 percent from 321,970 job cuts announced in 2021, according to a Jan. 5th report from…
From CNN to Gannett, Media Industry Laying Off Workers Amid Recession Fears
It is not only the tech sector that is going through industrywide layoffs and hiring freezes. A growing number of media outlets are firing staff and implementing a broad array of cost-cutting measures in response to recession fears, falling advertising revenue, and annual losses. From CNN to Gannett, more businesses are expected to announce a…
CNN’s Chris Licht Informs Staff ‘Incredibly Hard’ Layoffs Have Begun
CNN on Wednesday informed staff members that layoffs were being initiated at the company amid a bleak outlook for the global economy. In a memo to employees, CNN CEO Chris Licht said the layoffs are “incredibly hard” and described them as a “gut punch.” “Today we will notify a limited number of individuals, largely some of our paid contributors,…
Thanksgiving Layoff of Thousands in Mississippi Leaves Families in Shock and Uncertainty
Jeff Jones’s priorities after getting laid off from Lane Furniture in Beldon, Mississippi, just two days before Thanksgiving are to find health insurance, a new job, and to sign on to a class-action lawsuit that could help him get severance pay from the company. Jones was among thousands of employees whom United Furniture Industries (UFI)…
Tech Layoffs Send H-1B Visa Holders Scrambling for New Jobs
Recent layoffs in the American tech sector have sent hundreds of H-1B visa holders scrambling for new jobs, with thousands fearing the same chase. Major tech firms have left many foreign tech workers with temporary work visas in the United States with only two months to find a job, or they will will be forced…
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