The recession, which is here or is coming, has caused the start of large numbers of layoffs. Some economists believe unemployment will go much higher. Former Treasury Secretary Larry Summers expects the jobless rate to go from the current 3.5% to at least 5.0% as the economy cools from a period of rampant inflation.
[in-text-ad]
Many of the companies with large layoffs are in the tech industry. There are some notable exceptions. Ford just announced 3,000 cuts. Ford said the reason was efficiency. As car sales are about to drop, the decision is convenient.
Some of the layoffs are notable for either their size or the percentage of the company’s total workforce. Admittedly, the list is not complete.
24/7 Wall St. has developed this layoff tracker to keep track of many of these.
| Company | Laid Off | Month |
|---|---|---|
| Better.com | 3,000 | June |
| Carvana | 2,500 | May |
| Coinbase | 334 | June |
| Compass | 450 | May |
| Ford | 3,000 | August |
| Groupon | 500 | August |
| HBO | 70 | August |
| Mr. Cooper | 450 | June |
| Netflix | 150 | May |
| Peloton | 2,800 | February |
| Redfin | 470 | May |
| Rivian | 124 | August |
| Robinhood | 79 | August |
| Shopify | 1,000 | July |
| Tesla | 200 | July |
| Walmart | 200 | July |
| Wayfair | 96 | August |
| Xiaomi | 900 | August |
It’s Your Money, Your Future—Own It (sponsor)
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
