A growing list of companies are announcing layoffs this year amid concerns about economic uncertainty, as well as the need to cut back after going on a hiring spree during the pandemic.
Disney, BuzzFeed, Lyft and Deloitte are among the list of major companies that have reduced their workforces this year. The tech sector has also been hit hard over the past few months following mass layoffs in 2022. Amazon, Meta, Microsoft and Paypal have also axed thousands of people — and warned additional cuts may be on the way.
This comes as first-time claims for unemployment benefits rose to 245,000 last week, above expectations of 240,000, according to data from the Department of Labor. Employers also added just 236,000 jobs in March, falling below expectations and signaling that the Federal Reserve’s yearlong rate-hiking campaign to chill inflation is now also cooling the labor market.
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