Amazon Is Laying Off Another 9,000 Workers – SlashGear

Amazon isn’t alone in what appears to have been an industry-wide overzealous spending spree. Meta recently announced another massive round of layoffs to increase its total to 20,000. Microsoft announced 10,000 cuts of its own earlier this year. Twitter owner Elon Musk infamously predicted this wave as he cut thousands of positions within his newly owned social giant. There are too many other instances to mention, particularly throughout the tech and publishing industries.

Although few could have predicted the lasting economic impact of the pandemic while we were in the midst of it, there was an expectation that the various resulting slowdowns of the world’s pipelines and logistical systems would eventually catch up. But there are newer issues that have only exacerbated the issue since, leading to record inflation that has crescendoed into weak consumer spending.

The trickle-down impact has caused many businesses to reconsider previous growth outlooks and maneuver cautiously around universal market uncertainty. For instance, though it’s slowed, many expected the briskly climbing federal interest rate to halt or reverse by now. Still, new reports suggest continued hikes to combat the inflation. It’s a stark reminder that nothing can grow exponentially forever and that, at some point, market pullbacks and corrections will eventually necessitate new ways to do business. Unfortunately for employees, the first step many businesses take to cauterize these wounds is internal layoffs, and that’s simply the nature of the capitalistic beast we all live in.