As the currently volatile nature of the economy continues, many Americans are finding it increasingly harder to make ends meet. This is evident amid reports of dollar stores receiving more business from people who previously shopped for food at grocery stores.
Meanwhile, an overwhelming majority of Americans have confirmed in polls that they’re feeling the impacts of inflation. Supply shortages that make it more challenging for people to purchase baby formula and other necessities continue to generate stress as well.
During these times, stable employment is more imperative than it’s been in quite some time. Yet, even in this department, a lot of people are having a hard time.
This is evidenced by the growing job layoffs happening in the technology field.
What to Know About Layoffs in the Technology Sector
Businesses like Snapchat, Netflix, TikTok, and PayPal are giving various employees within their ranks the boot. This comes as these companies are trying to cut costs amid inflation, supply chain issues, and grim economic times to come.
It’s been noted that these layoffs truly began gaining steam after this year’s second quarter arrived. Startup tech companies that have much fewer resources to spare than their more established counterparts are also finding themselves having to slash overhead by laying off workers.
— Wall Street Silver (@WallStreetSilv) August 12, 2022
Per new reports, Google is apparently putting its workers on notice that they may not be too far behind other tech employees who are getting laid off. Right now, multiple reports document that executives with Google are warning workers to increase their productivity levels.
One Google executive even warned of “blood in the streets” to come.
Another Telltale Sign of a Recession
A twice in a row GDP decline has been the traditional defining factor of a recession for quite some time now. However, even when the GDP fell twice, the Biden administration resisted claims of a US recession.
Wow. That’s not a miss, that’s a collapse.
NY Fed’s Empire 6 Manufacturing Index.
The Biden-Pelosi recession… https://t.co/TAypxcIdTf
— Steve Cortes (@CortesSteve) August 15, 2022
Now, yet another infamous marker of a recession is the layoffs that Americans are experiencing. At the rate things are going, more and more people will likely find themselves out of their current jobs.
As the White House claims unemployment rates are low, it’s not discussing the growing numbers of corporations, startups, and other businesses laying off workers to reduce costs.
This may only be the beginning.