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.
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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 |
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