Tesla, JPMorgan, Netflix, Redfin and Coinbase are among companies that are cutting jobs. While layoffs are contained to the hottest parts of the economy, there's fear they could spread elsewhere:
As the Federal Reserve pumps the brakes on the economy, many American companies are retrenching. There isthat as the central bank aggressively hikes interest rates to fight high inflation, it could tip the U.S. economy into a recession, and executives are cutting back.
"You have two job vacancies essentially for every person actively seeking a job, and that has led to a real imbalance in wage negotiating," Powell said whenThe Fed chair is aware of the pain that will be inflicted on more people as he wrestles with inflation and tries to tame it. "We haven't seen a huge amount of cuts yet," he says."But we're seeing these large increases in layoffs in a handful of industries that seem to us to be potential bellwethers for the rest of the economy if things slow down significantly in the next few weeks and months."A lot of recent layoffs have come from what have been hot, high-growth parts of the economy that did especially well during the pandemic.
Two months ago, Robinhood laid off 9% of its staff. Tenev said he is now scrutinizing the company's headcount growth targets. Perhaps no industry exemplifies the speculative exuberance of the last few years than crypto, which ballooned in size as the value of Bitcoin and other cryptocurrencies surged. But in June, during a sharp sell-off, a number of crypto companies scaled back.
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