Corporate America cuts thousands of jobs as recession looms

Corporate America is making deep cuts to its employee base as part of its restructuring efforts to navigate a potential downturn in the economy from the U.S. Federal Reserve's war on inflation, Qazet.az reports.

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report.

Here are some of the major job cuts announced in recent weeks:

Amazon.com Inc (AMZN.O):

The e-commerce giant is planning to lay off about 10,000 people in corporate and technology jobs, the New York Times reported.

Meta Platforms Inc (META.O):

The Facebook-parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.