Dow Inc., a Michigan-based material science company, announced today that approximately 2,000 jobs will be cut globally as part of the corporation’s goal to save $1 billion this year. In a press release, Dow outlined a series of targeted actions to reduce spending through structural improvements and operating expenses, which the company expects to realize…
Coinbase to Cut a Fifth of Its Workforce in a Second Round of Layoffs
January 12, 2023
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Business & MarketscoinbaseCompaniescrypto exchangecryptocurrencyeconomyInvestmentjob cutsMarketsMedia & Big TechrecessionUS
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Coinbase will be cutting a fifth of its workforce following an earlier staff reduction in June 2022 in an attempt to preserve its assets as the crypto industry faces a severe downturn. Some of the largest firms in Silicon Valley in general have been delivering a steady stream of job cut announcements in recent months….
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…
US Expected to See More Unemployment and Slower Hiring This Year
January 5, 2023
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Business & Marketsbusiness outlookeconomic policieseconomic recessioneconomyFed Rate Hikejob cutsrecessionU.S. unemployment rateUS
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The unemployment rate in the United States is set to worsen further as businesses are predicted to add fewer workers in the course of this year based on a quarterly Economic Indicator poll by Bankrate. The U.S. unemployment rate is expected to be at 4.6 percent a year from now, according to survey results published…
Goldman CEO Says Jobs Cuts Coming, Jobless Claims Rise in US
December 30, 2022
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Business & MarketsCompaniesDavid Solomoneconomic recessioneconomyjob cutsjobless claimstech job cutsUS
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Goldman CEO David Solomon admitted that the bank is planning to cut jobs due to economic reasons—a decision that comes as other big banks are also considering similar options and the United States is seeing an increase in unemployment claims. In his year-end message to staff, Solomon said that the firm is working on a…
More Americans May Lose Jobs Around Christmas Time
The trend of rising job cuts seen in the past few months could accelerate in December and January, which are usually seen as the peak period of job cuts. An analysis of data from the Bureau of Labor Statistics (BLS) by the Wall Street Journal shows that December usually ranks at the second spot when…
Job Cuts Soar 127 Percent In November Amid Wave of Tech Layoffs
December 1, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationjob cutspersonal financerecessiontech sectorUS
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The rate of job cuts in the United States soared 127 percent in November, amid a wave of layoffs in the tech industry. The American employers announced 76,835 cuts last month, a 127 percent increase from the 33,843 cuts in October, according to a report by Challenger, Gray & Christmas. Last month saw a 417…
Labor Markets Likely to Stay Tight Despite Recession: Study
November 17, 2022
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Business & Marketseconomyhiring freezejob cutspopulation growthrecessionU.S. labor marketUSwage cuts
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Even if an economic downturn were to materialize, labor markets will likely remain tight and companies will find it harder to hire and retain employees, according to a new joint report by Indeed and Glassdoor. “The economies of many countries could slow or even fall into recession as central banks work to lower inflation. But…
Tech Job Cuts Accelerate to Near Pandemic-Era Levels
Job cuts in the tech sector have accelerated close to levels last seen in the first months of the pandemic, as the industry prepares for a downturn in the months ahead. Big tech companies like Meta, Google, Amazon, Twitter, and Apple have all announced a massive number of layoffs and hiring freezes, according to a…
US Job Cuts Hit Highest Level in 20 Months as Downturn Fears Grow
Despite a strong jobs market report earlier this week, October saw the largest amount of monthly job cuts since February 2021. Many American companies are expecting an economic downturn heading into the fourth quarter, leading to fears that more cuts are likely to come. The U.S. labor market has remained strong this year, despite scattered…
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