Amazon Cuts 100,000 Employees From Workforce In A Single Quarter

Amazon, one of the largest tech employers in the world, has revealed that it is now hiring at the slowest pace since 2019 and has cut over 100,000 employees globally in the June quarter, likely due to the dramatic economic slowdown since 2021.

• There have been over 30,000 job cuts by tech companies in the past few months alone, and unemployment claims have climbed to 8-month highs.
  1. The covid pandemic lockdowns and subsequent stimulus checks created an enormous artificial boost for tech companies like Amazon in 2020 and 2021, but the $6 trillion stimulus has since circulated out of the pockets of most Americans and globally the lockdowns did incredible harm to existing economic stability.
  2. The steep reversal from only a year ago highlights the swift nature of the economic downturn and also shows how dependent the tech industry is on consumers having large amounts of expendable income. 

https://www.zerohedge.com/economics/amazon-cuts-100000-employees-workforce-single-quarter