More Job Cuts: Tech Industry takes big hit

Job seekers visit booths during the Spring Job Fair at the Las Vegas Convention Center Friday, April 15, 2022. ((K.M. Cannon/Las Vegas Review-Journal) / Getty Images)

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Job cuts surge 127% in November as companies brace for economic downturn
  • Employers announced plans to cut 320,000 jobs this year, analysis shows
  • Companies announced 76,835 job cuts in November, led by the technology sector, the analysis showed. That is 417% higher than the same time one year ago.
  • Amazon, Apple, DoorDash, Meta, Morgan Stanley, 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.

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