The layoff wave that has made headlines is tapering off.
As of July 2023, US-based companies eliminated 23,697 jobs, marking the lowest tally since August 2022.Â
It’s in contrast to the 40,709 reported in June.
Compared to last year, the cuts diminished by eight percent, signifying the first year-on-year drop in over a year.Â
Businesses are adopting alternative strategies for cost reduction beyond layoffs, such as implementing hiring freezes.
Read More: Binance Cuts Over 1,000 Jobs As US Regulatory Pressure Continues
Yellow takes the hit
The biggest layoffs so far were from the trucking company Yellow, which let go of its 30,000 employees due to its bankruptcy filing.
Amazon, which tops the chart for conducting the steepest tech layoffs, shed hundreds of fresh store jobs last month.
Throughout this year, 943 companies within the sector downsized their staff, culminating in a total of 226,117 reductions, according to data from Layoffs.fyi.
The ripple effects of tech firings have spread across various departments in multiple companies.
Read More: Cisco Announces Layoffs As Restructuring Continues
Software engineers, a linchpin in many technology giants, have not been immune to the downturn.
However, a notable trend emerges as startups opt to retain their engineering talent while making cuts in other domains such as talent acquisition, marketing, and various non-core sectors.
Among the other major layoffs in July included those at Binance, which faced regulatory pressures, and Biogen, each trimming 1,000 workers.
Additional tech layoffs came from Cisco and Accenture, which eliminated close to 900 jobs in Ireland.
Read More: CME Group To Cut 100 Jobs And Move Staff To New Roles
The telecommunications company Virgin Media underwent a massive downsizing, leaving 2,000 positions in its wake.
However, there is a glimmer of hope in the UK, as the country counterbalanced the job cuts by creating thousands of new roles.
In a recent development, Renault disclosed plans to initiate a staggering 19,000 new roles through a collaborative venture with Geely.
Equally noteworthy, the parent company of Jaguar Land Rover is in the pipeline to roll out an additional 4,000 job openings.
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Here’s who’s firing in July 2023
- ESPN Cuts 20 Top On-Air Talent In Disney’s Cost-Saving Move
- Binance Cuts Over 1,000 Jobs As US Regulatory Pressure Continues
- Cisco Announces Layoffs As Restructuring Continues
- CME Group To Cut 100 Jobs And Move Staff To New Roles
- Biogen To Cut 1,000 Jobs Ahead Of Leqembi Drug Launch
- Amazon Fresh Cuts Hundreds Of In-Store Jobs
- Bud Light Maker Announces Hundreds Of Corporate Layoffs
- Yellow Declares Bankruptcy Leading To 30,000 Job Losses
- Virgin Money To Close 39 Branches With 255 Jobs At Stake
- Virgin Media To Cut 2,000 UK Jobs
- Frasers Group Cuts More Than 100 Jobs In Manchester Head Office
- Accenture To Cut Nearly 900 Jobs In Ireland
