"Amazon will lay off as many as 30,000 corporate employees starting Tuesday, Reuters reported. CNBC confirmed that layoffs were coming and were likely to be the largest in Amazon's corporate history. Zoom out: The cuts at Amazon follow reports that Target will also cut 1,000 corporate roles this week and that similar reductions may be coming at Paramount Skydance. The big picture: The years-long " frozen labor market" has meant that people with jobs mostly kept them, but those without mostly couldn't find them."
"Economists feared the market would turn with the impact of tariffs earlier this year, which didn't happen. Now, though, a number of big employers appear to be sliding in with a round of pre-holiday belt tightening, despite record highs in the stock market and signs of strong economic growth. For the record: Amazon did not immediately reply to requests for comment."
Amazon will lay off as many as 30,000 corporate employees starting Tuesday. CNBC confirmed the layoffs will likely be the largest in Amazon's corporate history. The cuts follow reports that Target will cut 1,000 corporate roles and that similar reductions may be coming at Paramount Skydance. The years-long frozen labor market meant people with jobs mostly kept them while job seekers struggled. Economists expected the market to turn after tariff impacts earlier this year, which did not occur. Several large employers are now implementing pre-holiday belt tightening despite record stock-market highs and strong economic growth. Amazon did not immediately reply to requests for comment, and shares were flat after-hours.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]