Layoffs Hit Tech Jobs: The crisis of recession in the US economy is getting deeper. And this is going to have a big impact on employment in the tech sector. Ride company LYFT and payment company Stripe are going to lay off a large number of employees. So Amazon has decided to ban corporate hiring in the coming days.
The crisis increased due to expensive loans!
The Federal Reserve, the Central Bank of America, has been increasing interest rates continuously to crack down on inflation. But his decision is having an impact on the American economy. The risk of the US economy going into recession is also increasing. This is going to have an impact on the financial performance of tech companies and their employment. The executives of these companies say that the coming days are going to be very challenging.
Break on the wonderful journey of the tech sector!
During the Kovid crisis, when the global economy was clouded by crisis. Despite this, if the tech sector performed well, then employment opportunities also increased in this sector. The tech sector has shown steady growth in the last few years. But now the situation seems to have changed.
Lyft and Stripe in preparation for layoffs
Lyft has decided to show the way out to 13 percent of its total workforce i.e. 700 people. The ride company believes that ride-share insurance expenses are likely to increase due to the impact of the slowdown. Stripe said that the company has decided to lay off 14 percent of the total workforce.
Amazon Hiring Ban!
Earlier, Facebook’s parent company Meta has decided to cut spending by 10 percent through layoffs. The sales of the company have come down. At the same time, after the purchase of Twitter by Elon Musk, many employees are being laid off from senior executives. Amazon says that in view of the current economic situation, the company is taking decisions very cautiously and is monitoring the situation. The company believes that consumers are spending very thoughtfully in view of inflation. Amazon’s stock price declined in the wake of fears of declining sales in the fourth quarter.
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