Numerous tech companies have announced workforce reduction plans in recent weeks.
Meta Platforms Inc. and Amazon.com Inc. each began cutting about 10,000 jobs while Twitter Inc. wiped out more than half its staff of 7,500 employees. Hard-drive maker Seagate Technology Holdings Plc. said it would cut about 3,000 jobs while Cisco Systems Inc. last week unveiled a plan to reduce an unspecified number of jobs and close offices.While much of Silicon Valley is grappling with hiring freezes and job cuts, at least one social media company is still planning to keep hiring: TikTok.
TikTok CEO Shou Zi Chew confirmed the company was still recruiting during remarks last week at the Bloomberg New Economy Forum in Singapore, in response to the topic of layoffs at other tech companies, including Facebook-parent Meta and Amazon. Federal Reserve Bank of San Francisco president Mary Daly speaking to a gathering of local business executives at the Orange County Business Council offices in Irvine on Nov. 21, 2022. (Photo by SCNG’s Jonathan LansnerWhile the Federal Reserve’s battle against 40-year high inflation is still in its early stages, the president of the Federal Reserve Bank of San Francisco said she sees some “encouraging numbers.
But, Daly said, “there’s no one in the world who thinks 7.7% is close enough to say this is price stability. So we have a lot of work to do.”
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