Layoffs Mount, Could Worsen Into 2023 Despite Jobs Bump

Pink Slips Follow #Bidenflation, Rate Hikes
Unemployment forms are seen kept at a drive thru collection point outside John F. Kennedy Library in Hialeah, Florida, on April 8, 2020. (Photo by CHANDAN KHANNA / AFP) (Photo by CHANDAN KHANNA/AFP via Getty Images)

At a glance

A growing number of businesses are laying off workers en masse as they brace for a potential recession triggered by high inflation and rising interest rates.

Despite still-solid job growth and record-high wages in many industries, dozens of businesses are battening down the hatches as they warn of an increasingly grim economic outlook.

CNN, Washington Post, Amazon, Apple, Meta, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation. Economists widely expect the Fed to trigger a recession with higher interest rates, which could force consumers and ultimately businesses to pull back on spending.

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