marketcrash
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Job cuts
12/13/2024
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By Ava Grace
Report: U.S. manufacturing sector slashed 26,000 jobs in November as industry woes persist
The U.S. manufacturing industry shed 26,000 jobs in November, following a loss of 19,000 jobs in October Private employers added 146,000 jobs in November, falling short of analysts’ expectations of 150,000, with goods-producing industries showing only a 6,000-job gain. Manufacturing was the weakest sector, and another report highlighted that the industry has been contracting for […]
10/16/2024
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By Ava Grace
Boeing lays off 10% of workforce amid declining company value, ongoing strike and failing products
Boeing has announced that it is laying off approximately 10 percent of its workforce. In a memo, Boeing CEO Kelly Ortberg announced the layoffs, writing that the aerospace giant must make “tough decisions” to stay competitive. The layoffs mean around 17,000 employees will no longer have a job at the company. Ortberg added that the […]
09/25/2024
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By Ethan Huff
Volkswagen to trim upwards of 30,000 German employees as global economy falters
German auto giant Volkswagen is having trouble selling cars, which means a large number of the company’s employees is now on the chopping block. The latest reports suggest that VW could end up laying off 30,000 of its 300,000 German employees as part of a massive restructuring plan. Between 4,000 and 6,000 of the company’s […]
09/24/2024
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By Ava Grace
Michigan auto workers blame Biden-Harris EV mandates for industry job cuts
Autoworkers in Michigan are pointing their fingers at the electric vehicle (EV) mandates by the Biden-Harris administration as the main reason for job cuts in their industry. Many workers from major car makers like Stellantis – which makes Chrysler, Jeep and Dodge vehicles – and Ford have been affected by job cuts, given that the […]
04/18/2024
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By Laura Harris
Tesla plans to lay off 10% of workforce after dismal quarterly sales
Tesla has announced its plan to lay off approximately ten percent of its workforce after the release of its dismal first-quarter sales report. In that quarter, Tesla experienced a significant decline in sales due to heightened global competition, a slowdown in electric vehicle sales growth and unsuccessful attempts to attract more buyers, including with price reductions. Tesla has […]
04/09/2024
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By Ava Grace
Apple announces LAYOFFS of more than 600 workers
Tech giant Apple is set to lay off more than 600 employees in its California offices, marking its first major wave of job cuts after the Wuhan coronavirus (COVID-19) pandemic. According to the Epoch Times, 614 employees across multiple Apple offices in Santa Clara, California will be impacted by the impending job cuts. “The company did not […]
02/23/2024
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By Laura Harris
Google faces backlash over MASS LAYOFFS in January despite company’s financial success
Tech giant Google has once again come under fire after conducting another round of mass layoffs in January to streamline operations and allocate more resources to artificial intelligence (AI). The job cuts, which affected a thousand employees, included hundreds of workers in the voice assistant sector, hardware teams responsible for Pixel, Nest and Fitbit products, augmented reality, engineering […]
02/12/2024
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By Olivia Cook
LAYOFF season continues: PayPal cuts off 9% of its global workforce – roughly 2,500 jobs
PayPal has begun a series of company-wide layoffs that will cut about nine percent of its global workforce – or roughly 2,500 jobs. These job cuts came after new CEO Alex Chriss took over, and came on top of a prior round of dismissals of seven percent last year. In a letter sent to employees, Chriss noted that […]
02/01/2024
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By Arsenio Toledo
BIDENOMICS: UPS cuts 12,000 jobs due to decreased shipping volume, tense union negotiations
UPS is cutting 12,000 jobs as shipping volume – and thus, company revenue – both internationally and domestically dropped in its fourth-quarter earnings report. The company said the mass layoff is part of a broader effort to “align resources” in 2024. This effort includes mandating staff work from offices, five days a week starting on March […]
01/30/2024
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By Olivia Cook
Job cuts in mainstream media outlets could lead to AI TAKEOVER of news industry
Thousands of journalists are facing a stark, scary “new reality” as mainstream news outlets are slashing jobs to stay afloat in the struggling industry. Questions about the future of U.S. journalism have been raised following the news industry’s bad start this year. In January alone, several publishers laid off their employees in a continuation of the […]
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