While the Biden administration has declared outright that the US economy is not in a recession, citing low unemployment numbers as a balance for the two straight quarters of declining GDP growth, Amazon has let 100,000 employees go in a single quarter.
"Amazon," Zero Hedge reports, "one of the largest tech employers in the world, has revealed that it is now hiring tat the slowest pace since 2019." The reason for the 100,000 jobs cut is undoubtedly due to the economic slow down, which Biden says for sure does not indicate a recession.
Amazon's ledgers predict third quarter profits, but lost $2 billion net for the second quarter of 2022. "There have been over 30,000 job cuts by tech companies in the US in the past few months alone, and unemployment claims have climbed to 8-month highs," Zero Hedge reports.
Amazon is not the only tech giant to rethink hiring. Alphabet, owner of Google, implemented a hiring freeze, while Apple is slowing down their hiring, Coinbase is cutting, and Microsoft has also announced plans to slow hiring.