New Year Layoffs

New Year Layoffs 👋

New Year Layoffs

As the year continues and the economy remains strong, opposing headlines of mass layoffs have continued to run rampant across news outlets. On Tuesday, Sony entered the list of companies that have announced layoffs this year. After the company disclosed its falling figures for PlayStation sales, Sony cut the division’s headcount by 900 workers worth roughly 8% of its global workforce. Also announced yesterday was defense and aerospace company Northrop Grumman, warning of companywide layoffs that will affect its space sector division. These are only a couple examples of layoff announcements that have reached news outlets throughout January and February of this year.

Previously, mega-cap Google led tech after it promised job cuts as a broader restructuring effort for the firm. Earlier in the year, other companies such as DocuSign and Duolingo reported heavy layoffs, and media companies such as Disney and Paramount also recently entered the fray. A few weeks ago, nonfarm payrolls for January grew hotter-than-expected, contrary to the overwhelming reports of layoffs reaching investors’ minds. This week, Investors should track jobless claims to see whether the economy is telling a similar story as to what tech companies are reporting.

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