Things are about to get rocky for Joe Biden’s unemployment rate.
Only days after being informed that Twitter and Facebook are about to have massive layoffs, Amazon chimed in.
The company expects to layoff around 10,000 employees, possibly by the end of this week.
This is massive cut by Amazon, but I guess someone has to pay for Bezos’ little habit of flying into space.
The 10,000 jobs represent three percent of Amazon’s corporate employees.
It would equate to one percent of Amazon’s global workforce.
The cuts are slated to come from the tech and corporate segments of the company.
This is the first big move by Amazon CEO Andy Jassy, who wants to start trimming aspects of the company that are not profitable.
This has long been the way Amazon operates, largely relying on its cloud services to carry the entire operation.
One of the most prominent areas that will be cut is the technology area of devices that Amazon sells, such as their fitness devices and the Echo series.
This is a bit shocking because while they may not make money on this, those devices lead to significant income in other areas, including online purchases.
Amazon has already initiated a hiring freeze as well as warning employees in these sectors to get ready to look for a new job.
Well, that time has come.
This is problem that is about to get out of control, with Fox News recently covering the issue…
I cannot wait to hear how the White House tries to blame this on Republicans.
Source: Fox Business