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IPFS News Link • Economy - Economics USA

War & World Economy Spark Mass Tech Layoffs

•, by Tyler Durden

But, as Statista's Florian Zandt notes, while the scope of layoffs is not yet clear, this announcement makes the corporation another one in a long line of tech firms and startups countering rising inflation and a domestic development bordering on a recession by reducing their workforce.

Between April and July, 170 startups and tech-oriented companies incorporated in the United States laid off employees compared to just 20 in the first quarter. Online used car retailer Carvana, for example, reduced its workforce by 2,500 employees in May, while the staff cuts among more notable examples in this timeframe like Netflix or PayPal were comparably minor. The former let go 450 or around four percent of its employees during the second quarter of 2022, while PayPal terminated contracts for 83 of its workers.