Amazon Planning to Announce Layoff of 10,000 Workers This Week

The Conservative Treehouse ^ | Nov 14, 2022 | Sundance

[Texas Fossil]

At a time when/if the economy was functioning as most economic pundits have previously proclaimed, Amazon and other retail giants would normally be beefing up workers in anticipation of the holiday shopping season.  However, with the midterm election in the rearview mirror, exactly the opposite is happening. {Backstory on prior employment announcements}

According to multiple media reports, Amazon is expected to announce layoffs for approximately 10,000 U.S. workers this week.  Yet another indication the economic pretending is coming to an end right after the midterm election is concluded.

(CNBC) – Amazon is planning to lay off approximately 10,000 employees in corporate and technology roles beginning this week, according to a report from The New York Times. Separately, The Wall Street Journal also cited a source saying the company plans to lay off thousands of employees.

Shares of Amazon closed down about 2% on Monday.

The cuts would be the largest in the company’s history and would primarily impact Amazon’s devices organization, retail division and human resources, according to the report. The reported layoffs would represent less than 1% of Amazon’s global workforce and 3% of its corporate employees. (read more)

“Bye”

As previously noted by Yahoo News, a “wave of layoffs” has begun that encompasses dozens of medium and large corporations [SEE HERE].

The layoffs, outlined in Yahoo, cover real estate, tech companies, banking, finance, automakers, EV startups, and brick and mortar stores like 7-11 and GAP.   It should not come as a surprise, but it is sad to see, nonetheless.

Within the economy, a great pretending can only last so long… then reality hits.

The skilled trades should likely end up in the best employment situation, with the tech sector the worst.  Service industries are also one of the first sectors hit when employment becomes an issue.

With rising interest rates, high inflation, excessive inventories, a shrinking production economy, extreme energy costs and diminished disposable income as a result of inflation and gas prices, there was going to come a time when it all starts to congregate.

2023 looks to be the year when economic pretenses collapse under the weight of having to admit a recession exists.

This is shaping up to be a painful holiday season….

[blackdog]

That's it, thank you for saying it so much better than I could. When I kept seeing the business networks talking about how higher interest rates were killing tech stocks I couldn't make sense of it in my mind.

I used to work at a company that refused to carry debt. If we borrowed capital for a production line or equipment, we had to show a pay-off in profit in 90 days.

I've asked that question about how could Amazon need zero percent borrowing to maintain its valuation? I smell a rat there, and his name is Ponzi.

If you are a valuable company you make profits. You don't need free money to exist. One could argue the contrary very easily.

[GaltAdonis]

But, but only caveman Barbarians use COAL!!!

/sarc

[Texas Fossil]

Well, if they do, at least some people in the NE will not freeze this winter. /sarcasm (sort of)

[griswold3]

Hopefully, the difference is we’re the Ants and they’re the Grasshoppers.

[Texas Fossil]

I’ve already got my present.

Not depending upon the ChiComs for it.

[laplata]

I can imagine, You had a couple of wake-up calls. Best wishes.

[wally_bert]

I’ve been officially cleared by the surgeon today.

[laplata]

Very good.