As the country's second biggest company contends with rising inflation and economic uncertainty, it is implementing a corporate hiring freeze.
Amazon instituted a hiring freeze on Thursday.
Beth Galetti, the company's senior vice president of people experience and technology, wrote in a statement shared with employees that the hiring freeze was due to an "unusual macroeconomic environment".
Business Insider reported Wednesday that Apple instituted a hiring freeze across its divisions.
Following its decision to cut 60 employees in July, ride-sharing giant Lyft announced plans on Thursday to lay off up to 650 employees.
Patrick Collison, the CEO of Stripe, said Thursday that the company will lay off 14 percent of its staff.
The layoffs come just one day after Opendoor CEO Eric Wu announced the real estate technology company is letting go of 18% of its workforce as it struggles in the "most challenging real estate market in 40 years".
On Wednesday, the Federal Reserve raised interest rates for the fourth time this year, to a target range of 3% to 4%, which is the highest it has been since early 2008. Despite the hike, which the Fed uses to temper consumer demand amid high inflation, consumers could still feel the pain of a slower economy. The S&P 500 has fallen 22% this year, to 3,738.65, while the Dow Jones Industrial Average has fallen 12.3%, to 32,122.74, and the tech-laden Nasdaq has dropped 34.2%, to 10. According to data from the Labor Department, the unemployment rate decreased to 3.5% in September as the labor market added 263,000 jobs.
Many economists have warned for months that the U.S. is about to go into a recession. According to the Federal Reserve's flow of funds data, businesses have been largely resilient in the face of high inflation. The economy contracted 1.6% in the first quarter of the year, but since then the gross domestic product has started to increase. The Bureau of Economic Analysis reported that GDP increased in the third quarter after decreasing in the second quarter. Tim Holland told Forbes that the economy is not in recession.
A majority. According to a recent survey of 722 executives, 34% of them have implemented or plan to implement job cuts. More than half of respondents have made hiring freezes or laid off employees.
One week after billionaire Elon Musk completed his $44 billion acquisition of the social media company, multiple outlets reported Thursday that nearly half of its employees could be let go. According to sources at the company, 3,700 of the company's 7,500 employees could be laid off, although previous reports indicated Musk could be planning on cutting 25% or 75% of its workforce.
The Fed raised interest rates by another 75 basis points.
Here are the biggest U.S. layoffs this year.
The worst could come next year.
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