Loc: People's Republic of Illinois
Major U.S. companies have laid off thousands of employees so far this summer, as CEOs fear soaring inflation and the resulting recession.
Aug. 3, 2022: Walmart—the largest private employer in the United States—plans to cut 200 of its corporate employees as the company seeks to restructure, the Wall Street Journal reported, citing anonymous sources.
Aug. 2, 2022: Online brokerage Robinhood is cutting 23% of its staff, with CEO Vlad Tenev citing a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.”
Aug. 1, 2022: Texas-based data technology giant Oracle started laying off an undisclosed number of its estimated 143,000 employees, as part of a larger plan to cut thousands, The Information reported, citing an unnamed source (rumors of job cuts at Oracle have been speculated for nearly a month).
July 27, 2022: Fitness company F45 Training laid off 110 employees, or 45% of its workforce, as CEO Adam Gilchrist stepped down.
July 26, 2022: E-commerce company Shopify became the latest company to lay off employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi Lutke announced, saying skyrocketing demand for online shopping during the pandemic has leveled off, and that the company made a bet that “didn’t pay off.”
July 22, 2022: Boston tech-watch company Whoop slashed 15% of its workforce, telling the Boston Globe it now has 550 employees (meaning it cut close to 97) adding in a statement, “given how negatively the macro environment has evolved, we need to grow responsibly and control our own destiny.”
July 21, 2022: 7-Eleven, which operates 13,000 convenience stores across North America, cut 880 U.S. corporate jobs, just over a year after it completed a $21 billion deal to purchase Speedway.
July 20, 2022: Seattle real estate startup Flyhome axed 20% of its staff, reported to be close to 200 workers, as the company navigates “uncertain economic conditions.”
July 20, 2022: Ford plans to lay off up to 8,000 employees as the automaker seeks to pivot away from gas-powered cars and toward electric vehicle production, Bloomberg reported.
July 19, 2022: Vimeo CEO Anjali Sud announced on LinkedIn the online video company is cutting 6% of its workforce to “come out of this economic downturn a stronger company.”
July 19, 2022: Ohio-based automated health software startup Olive laid off 450 employees, nearly 35% of the company, as CEO Sean Lane admitted the company’s commitment to “act with urgency” led to a hiring spree that proved to be too much to handle, prompting him to “rethink this approach.”
July 18, 2022: Crypto exchange Gemini cut 68 employees—or 7% of its staff—less than two months after it let go of 10% of its workforce, according to TechCrunch.
July 14, 2022: OpenSea, the New-York based non-fungible token (NFT) company, announced in a tweet it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of “prolonged downturn.”
July 13, 2022: Online ordering startup ChowNow laid off 100 people, TechCrunch reported, as it reels back from a “large and ambitious” budget it couldn’t meet amid fears a stunted market could exacerbate the recession.
July 13, 2022: Tonal, the at-home fitness company, cut 35% of its workforce amid a worsening “macroeconomic climate and global supply chain challenges.”
July 12, 2022: Tesla laid off 229 employees, primarily in its autopilot division, and shut down its San Mateo, California, office, just weeks after CEO Elon Musk sent an email to executives, saying he had a “super bad feeling” about the economy and planned to cut 10% of his workforce, Reuters reported.
July 12, 2022: Some 1,500 employees at the international delivery startup Gopuff were let go, (10% of its staff) and 76 of its U.S. warehouses were shut down, according to a letter to investors first reported by Bloomberg, as the company moves away from a growth-at-all-costs model.
July 12, 2022: California-based mortgage lender LoanDepot announced plans to lay off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 — more than half of the company’s 8,500 employees — amid a precipitous downturn in the housing market that’s “contracted sharply and abruptly,” CEO Frank Martell said in a statement.
July 11, 2022: Electric automaker Rivian unveiled plans to lay off 5% of the company’s 14,000 employees in areas that grew “too quickly” during the pandemic and to halt hiring of non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported.
July 7, 2022: Real estate firm Re/Max announced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028.
June 22, 2022: JPMorgan Chase — the nation’s largest bank — laid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation.
June 15, 2022: Real estate companies Compass and Redfin announced plans to cut 10% and 8% of their workforces, respectively, following a 3.4% drop in home sales from April to May, according to the National Association of Realtors, amid concerns the once red-hot housing market had cooled.
June 14, 2022: Some 1,100 Coinbase employees learned they had been released after losing access to their work emails, marking an 18% reduction in the crypto company’s staff — a move that CEO Brian Armstrong called essential to “stay healthy during this economic downturn” — and warning of a “crypto winter” after a 10-plus-year crypto boom.
May 21, 2022: Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees — 12% of the company’s workforce — informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, and reports of a “spendthrift” business style had come back to bite the company.
Even with the layoffs, the unemployment rate remains low, holding on at 3.6% for the past four months. In an interview with the Washington Post Thursday, U.S. Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, 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 applied for unemployment benefits last week, an eight-month high and a 3.4% increase from 235,000 the previous week, according to a Department of Labor report released Thursday.
Major U.S. companies have laid off thousands of em... (
I know I'm preaching to the Choir, so Parky, this is for viewers of your post.
These moves of reducing staff are not reactive, the CEO's are being pro-active and choosing the words they use in statements wisely, so not to bring fear into the markets.
Most viewers on this forum know and understand the extremely devastating events, actions and policies that will bring terrifying food Shortages and Venezuela type hyperinflation to the shores of the United States and The CEO's know too.
These CEO's know what events, actions, policies, now combined with China cutting off essential supplies American corporations, manufacturing, Building, need to function, as well as essential supplies Americans require. Note; nearly every major shipping port in America is either owned or controlled by the Chinese.
CEO's know how distorted and deceptive the government reported unemployment numbers are. Nearly every Major metropolitan and rural city has historic homelessness, a crisis that is unprecedented with homeless shelters beyond maximum capacity. Shelters now only provide 1 (one) meal a day. Each day open their doors at 7:30 first come, first serve and kick everyone back onto the street at 5:30 a.m.
Food pantries are receiving less donations, cutting their hours, days of operation plus cutting the amount of food each family can receive by 50%.
Shelters, many are closing their doors because lack of funding, donors either falling out or greatly reducing the amounts they donate.
Using the same methodology that was used in the early 1930's to calculate unemployment, it would be safe to add 20% unemployed to the current stated. Then add another 15% minimum for the underemployed. The part time worker having three part time jobs, is counted as 3 jobs in the employment numbers. 80%+/- small businesses and franchises of large corporations (McDonald's) have gone away from full time staff, avoiding the unsustainable high cost of contributions to Healthcare and other benefits ,with the higher tax that just passed, expect at first hundreds of thousands in staff reduction, moving to millions in an effort to survive and not lose their business.
Wallstreet and government media are suppressing panic, trying to have a gradual soft market crash that transfers wealth instead of investors quickly withdrawing out of markets.
CEO's know that nations economies are crumbling, one need only brush up on European countries, The U.K. Australia ,Asian nations and South America...oops let's not leave out Iceland.
Americans are so dumbed down. They hear the news as Nations leaders announce their fear, that no central bank can do anything to prevent the dark economic path (Perplexed-No Way Out) but somehow believe America's economic pillars are stable, they are gone.
CEO's Have been retiring at high historic rates moving (Retiring) off Americaj shores or have moved from their American based corporate office to operating American based from another nation (Zoom, Email, phone) because they know.
These above facts are public knowledge on either a Google search, Duckduckgo search, easy to verify.
I can give a dozen reasons why 2022 and 2024 regardless of the outcome of win/Lose, nothing will prevent the coming dark events.
Why is the stock market and news say everything will be OK? Recession is coming or expect a soft recession?
I know, do you? If it were only a deep recession, that would be good news.
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