It looks like another wave of layoffs may be heading down the pipeline for companies like Amazon, Walmart, Twitter, Meta, Microsoft, Disney, and others. WSJ’s Dion Rabouin explains why we can expect to see even more layoffs in the coming days.
It seems that executives are trying to navigate their fears of an economic slowdown. Normally you would see more layoffs focused on the blue-collar side of the workplace, but this time it’s hitting the white-collar side pretty tough.
According to the WSJ, the technology, scientific, finance, and legal fields are cutting jobs like you cut grass in the summertime. As a result, the demand for professionals in this current job world isn’t in demand.
Amazon is cutting about 3% of its staff, or as many as 10,000 workers. Meta is cutting about 13% of its workforce, or 11,000 people. Other companies are also targeting salary and office staff instead of production or retail workers.
According to the WSJ, based on a survey conducted in October, economists put the probability of a recession in the next 12 months at 63%.