A wave of layoffs has swept across American business in 2022.
The cuts stem from slower business growth, paired with rising labor costs.
The layoffs span across industries, from mortgage lending to digital-payment processing.
Meta is the latest tech firm to slash its headcount.
Facebook’s parent company plans to cut 13% of its workforce in sweeping layoffs across divisions, CEO Mark Zuckerberg wrote in a blog post Wednesday.
It’s one of countless major American businesses that have picked up the pace of firing in 2022: Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.
The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.
Here are some of…
This article was written by [email protected] (Avery Hartmans,Samantha Delouya,Bethany Biron) and originally published on www.businessinsider.com