With Elections Over U.S. Multinationals Begin Announcing Job Cuts
There was always a strong suspicion the woke corporations were holding back negative employment intentions until after the midterm elections.
Well, as expected, the U.S. multinationals are starting to announce advanced downsizing.
(CNBC) – Tens of thousands of tech workers have been laid off within days, as tech giants including Meta, Twitter, Salesforce and others shed headcount going into the final stretch of the year. At least 20,300 U.S. tech workers were let go from their jobs in November, and more than 100,000 since the beginning of the year, according to Layoffs.fyi, which tracks layoffs in the field.
Tech workers reported huge drops in confidence in their job security through the summer, as news of layoffs, hiring freezes and rescinded offers put a damper on what’s so far been a worker-driven Covid pandemic recovery.
But the latest headlines are all converging at once as businesses course-correct on over-hiring and acknowledge how rising interest rates are thwarting their growth plans, says ZipRecruiter chief economist Julia Pollak. (more)
Nov 11 (Reuters) – Walt Disney Co (DIS.N) is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday.
Chief Executive Bob Chapek sent the memo to Disney’s leaders, saying the company is instituting a targeted hiring freeze and anticipates “some small staff reductions” as it looks to manage costs. (read more)
As noted by Yahoo News, a “wave of layoffs” has begun that encompasses dozens of medium and large corporations [SEE HERE].
The layoffs, outlined in Yahoo, cover real estate, tech companies, banking, finance, automakers, EV startups, and brick and mortar stores like 7-11 and GAP. It should not come as a surprise, but it is sad to see, nonetheless.
Within the economy, a great pretending can only last so long… then reality hits.
The skilled trades should likely end up in the best employment situation, with the tech sector the worst. Service industries are also one of the first sectors hit when employment becomes an issue.
With rising interest rates, high inflation, excessive inventories, a shrinking production economy, extreme energy costs and diminished disposable income as a result of inflation and gas prices, there was going to come a time when it all starts to congregate. 2023 looks to be the year when economic pretenses collapse under the weight of having to admit a recession exists.
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