As indications of a slowdown in the steady job market surface, some businesses are starting the new year by laying off workers.
There were signs of caution in the labor market toward the close of the previous year. Hiring has decreased within the past few months. Even before the start of the employee pandemic, there has been a decrease in the job market compared to the end of 2023.
With the unemployment rate at roughly 3.7%—comparable to levels observed half a century ago—there is a greater chance that the United States will escape the recession that many analysts had last year.
However, several companies are reconsidering their hiring strategies for the year in light of their announcements of layoffs for 2022 and 2023.
Here are a few companies that have declared layoffs thus far this year.
Alphabet
Alphabet, Google’s parent company, has laid off hundreds of employees across divisions, including hardware and internal software tools, as the tech giant continues to navigate the aftermath of the pandemic, reversing its hiring spree.
Amazon
In an attempt to reduce expenses in the highly competitive e-commerce sector, Amazon is terminating hundreds of employees from its Twitch streaming network, as well as its film and television studios. Audible, an audiobook platform owned by Amazon AMZN -0.36%, is suffering a decrease; Red Down Pointing Triangle is also undertaking a 5% cut in its personnel.
Blackrock
The largest wealth manager in the world has revealed that it will be letting go of nearly 600 workers or roughly 3% of its whole staff. In January 2023, the business also carried out a cut of about 3%.
City Group
The bank has said that it will cut 20,000 jobs by the end of 2026 as part of its multi-year restructuring strategy.
Discord
A popular gaming messaging app revealed a 17% reduction in staff.
Duolingo
The provider of language-learning software announced that it will use artificial intelligence to handle certain content development tasks and that it has reduced the number of its contractors by 10%.
Rent the Runway
The fashion subscription business has stated that it will be eliminating about 10% of its workforce or 37 positions.
Unity Software
The video game firm announced that it intends to lay off 1,800 workers, or around 25% of its workforce, in response to layoffs made by rival gaming companies last year.
Universal Music Group
A person with knowledge of the situation claims that the record label intends to let go of between 100 and 300 workers worldwide this year.
Xerox
The producer of the printer has announced that it will be cutting 15% of its staff. Xerox employed 20,500 people as of the end of 2022, according to regulatory filings.