"2024's Economic trouble: The Impact of Widespread Job Losses"

Economic Trouble impacts Massive Job Layoffs and we should be worried

“2024’s Economic Trouble: The Impact of Widespread Job Losses and a list of companies that have scheduled layoff’s.”

As the new year begins, several companies are reducing their workforce as the labor market, which has been steady, shows signs of slowing down. The unemployment rate is near a 50-year low at 3.7%, and it seems more likely that the U.S. will avoid the recession that many economists predicted last year. However, the labor market showed some warning signs at the end of last year. Hiring has slowed in recent months, and open positions also dropped at the end of 2023 compared to the beginning of the year. Employees are also quitting at a lower rate than before the pandemic began.

Economic trouble ahead. Here is a list of companies that have announced layoffs so far in 2024:

The last report on jobs, wages, and inflation for December 2023 is filled with conflicting signals and shows increasing signs of economic trouble. Jobs increased by one measure but decreased by the most since April 2020 by another. Wages are also on the rise, but it’s unclear whether this is good or bad. WSJ’s Dion Rabouin breaks down the data.

Despite the positive signs, some businesses are reevaluating their staffing plans for the year after a series of layoff announcements in 2022 and 2023.

The scheduled job cuts made so far this year could indicate that layoffs are not over and are continuing to emerge in specific areas.

Partners Section

Bank Partners

Here is a list of companies that have announced layoffs so far in 2024:

  1. Alphabet: Alphabet’s Google expects more layoffs. Google laid off hundreds of employees in January in divisions including hardware and internal software tools. The company later said there would be more layoffs but did not specify how many employees would be cut or which teams would be affected.
  2. Amazon: The e-commerce giant is cutting hundreds of jobs across its film and television studio and Twitch streaming platform to control costs. Its audiobook platform Audible and its Buy With Prime division for third-party merchants are also each cutting about 5% of their staff.
  3. BlackRock: The world’s largest asset manager is laying off about 3% of its workforce, or around 600 employees.
  4. Citigroup: The bank plans to eliminate 20,000 jobs by the end of 2026 as part of a multiyear restructuring plan.
  5. Discord: The free messaging platform popular with video gamers is cutting 17% of its staff.
  6. Duolingo: The language-learning software company cut 10% of its contractors and plans to use artificial intelligence for some content creation.
  7. EBay: The online marketplace plans to lay off about 1,000 employees, or 9% of its full-time workforce, to boost performance amid what it calls rising competition and softer consumer spending.
  8. Macy’s: The retailer is eliminating 2,350 store and corporate positions, or 3.5% of its overall workforce excluding seasonal hires, to reduce costs.
  9. Microsoft: The tech company is cutting 1,900 employees, or about 8% of its video game staff, after last year’s acquisition of Activision Blizzard. The layoffs affect less than 1% of Microsoft’s total workforce.
  10. Rent the Runway: The fashion subscription company is cutting 37 roles, or about 10% of its staff, as part of its restructuring plan.
  11. Sports Illustrated: The legacy sports publication announced major layoffs, according to its union. The layoffs came after the publisher failed to make a payment to its licensor, leading to the loss of its license to publish the magazine.
  12. Unity Software: Unity Software, a video game company, announced that it would lay off about 1,800 employees, which is approximately 25% of its workforce. This decision is part of a corporate restructuring plan.
  13. Universal Music Group: Universal Music Group is planning to lay off between 100 to 300 employees globally this year.
  14. Wayfair: Wayfair, an online retailer, is laying off about 1,650 employees, representing 13% of its workforce. This decision comes weeks after its CEO sent a memo asking employees to work harder.
  15. Xerox: Xerox, a printer maker, announced that it would reduce its workforce by 15%. This decision is part of a restructuring plan.
  16. Business Insider: The news organization announced it would cut 8% of its staff.
  17. YouTube: The video-sharing platform laid off 100 employees.
  18. Mastermind Toys: The retailer terminated about 272 employees as it transitioned to new ownership.
  19. Riot Games: The game developer, best known for “League of Legends”, announced it would lay off more than 500 of its staff worldwide, which is about 11% of its total workforce.
  20. Google: The tech giant announced further layoffs in its advertising and sales team and Google Assistant Division. The company also mentioned that more layoffs were expected throughout 2024.
  21. Discord: The chat server hosting service announced it was laying off 170 of its employees, which is about 17% of its staff.

Here are some U.S. government and other reliable sources that provide information on job layoffs:

  1. U.S. Bureau of Labor StatisticsJob Openings and Labor Turnover Survey (JOLTS) provides estimates for job openings, hires, quits, layoffs and discharges, and other separations. The JOLTS program covers all private nonfarm establishments, as well as civilian federal, state, and local government entities in the 50 states and the District of Columbia.
  2. WARNTracker.com provides 2024 Layoffs from Public WARN records. The Worker Adjustment and Retraining Notification (WARN) Act helps ensure advance notice in cases of qualified plant closings and mass layoffs.
  3. Newsweek reported on Massive Layoffs Coming in 2024, based on a Resume Builder survey of more than 900 companies.

Please note that economic trouble is dynamic and subject to change. For the most accurate and up-to-date information, it’s best to refer to these sources directly.

About The Author

Follow us on Google News

Comments are closed.