by The US economy is booming and hundreds of thousands of jobs are being added every month. In a stunning employment burst to start the year, the nation added 353,000 jobs in January, reducing the highest interest rates in two decades that the US Federal Reserve imposed in part to ease hiring and spending.
The unemployment rate is hovering at 3.7%, just above a half-century low.
At the same time, layoffs continue to come across nearly every sector in 2024 as companies adjust to a changing economy, including Monday.
Job cuts in technology and retail follow a huge increase in hiring during the COVID-19 pandemic – when people spent more time and money online. Now, many companies are downsizing to help lower costs and strengthen their bottom lines. Many of them still have more workers than a few years ago.
This is where some of the job cuts have taken place in recent weeks.
Estee Lauder cancelled
Estee Lauder is cutting 3% to 5% of its global workforce. The downsizing, which will affect up to 3,100 workers, will take place by July, Estee Lauder said. The company employed 62,000 workers worldwide, according to its most recent regulatory filing.
REI gambling
REI is laying off 357 workers, mostly at the retailer’s outdoor headquarters and distribution centers. In a letter to employees, CEO Eric Artz noted that “outdoor specialty retail has declined by four quarters — and that trend is getting worse.” Although REI was able to do this better than last year, he said, this trend caught on. for the company in the fourth quarter, and difficult conditions are expected in 2024.
Levi’s gambling
Levi Strauss & Co is cutting its global corporate workforce by 10% to 15% in the first half of the year – as part of a two-year restructuring plan that seeks to cut costs and simplify its operations, the denim giant said. The layoffs on the same day Levi revealed a proposed 10-year extension of the naming rights to Levi’s Stadium, home of the San Francisco 49ers, in a $170 million deal.
Gambling in Microsoft
Microsoft is laying off about 1,900 employees in its gaming division, according to an internal company memo. The job cuts – which represent an 8% reduction in Microsoft’s 22,000-person gaming workforce – come just over three months since the tech giant completed its $69 billion purchase of video game maker Activision Blizzard.
Snap layoffs
The owner of Snapchat is cutting about 10% of its global workforce, or about 530 employees, the latest tech company to announce layoffs. Snap Inc. said. in a regulatory filing that it currently estimates fees between $55 million and $75 million, primarily for severance and related costs. He expects most of the costs to be incurred in the first quarter.
TikTok canceled
TikTok said it is shedding dozens of workers in its advertising and sales unit. A spokesperson for the company confirmed that the social media platform is cutting 60 jobs. TikTok, which is owned by Beijing-based ByteDance, did not give a reason for the layoffs.
Gambling riot games
Video game developer Riot Games, behind the popular multiplayer battle game “League of Legends”, is cutting 11% of its staff. The company, which is owned by Chinese technology giant Tencent, said 530 jobs had been cut.
Gambling on eBay
Online retailer eBay Inc. will charge about 1,000 jobs, or an estimated 9% of its full-time workforce, saying headcount and costs are outpacing business growth in a slowing economy.
Fair play
Online furniture retailer Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. The restructuring is set to reduce staff size across the company and reduce seniority in certain roles and the company plans to “rebuild with modified leveling” this year, CEO and co-founder Niraj Shah said.
Macy’s Gambling
Macy’s is laying off about 3.5% of its total workforce, which equates to about 2,350 employees. The iconic department store is closing five locations in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida.
Google layout
Google said it was laying off hundreds of employees working on its hardware, voice support and engineering teams. The cuts follow a pledge from executives at Google and its parent company Alphabet to cut costs. A year ago, Google said it would lay off 12,000 employees or about 6% of its workforce.
Excerpt from Amazon
Amazon-owned Twitch is cutting more than 500 jobs in an effort to save costs. The video-streaming platform’s CEO Dan Clancy said in an email to employees that the platform is “significantly more than it needs to be for the size of our business, even with cost reductions and increased efficiency.”
Amazon-owned online audio and podcast service Audible is laying off about 5% of its workforce. In a memo sent to employees, Audible CEO Bob Carrigan said the company is in good shape, but faces an “increasingly challenging landscape.” In addition, Amazon’s Prime Video and MGM Studios unit is shedding hundreds of employees as it cuts back in areas that aren’t delivering.
