Follow-up to this post
Technology companies were laying off lots of employees last fall. It seemed like a big wave. It included Twitter, of course, where new owner Elon Musk was getting headlines for doing it to his new company. But now there's an even bigger wave. Lots of tech company CEO's are cutting labor costs.
Amazon is going to lay off over 18,000 people. In addition to that news last Wednesday, it was reported that Microsoft too is cutting jobs to reduce their workforce by 10,000. These are big numbers.
Google is joining the club. They announced their intention to lay off 12,000 people. A memo from the CEO outlines generous severance packages. He says that we are in a different sort of economy than we had the last two years when they were hiring.
After two years of high inflation, individuals and businesses both are feeling the pain and there could be a recession on the way.
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