Thousands of workers are falling victim to job cuts at Amazon (AMZN), UPS (UPS), Nestlé (NSRGY), and other large companies, in an economy defined by uncertainty, AI, and global tensions.
Amazon stated in a message to employees Tuesday that it would reduce its “corporate workforce” by approximately 14,000 roles, with impacted employees being offered time to see for new roles internally or receive “severance pay, outplacement services, health insurance benefits, and more” if they were unable or unwilling to continue working for the company.
Meanwhile, UPS stated in its third quarter earnings results on Tuesday that it had cut its “operational workforce by approximately 34,000 positions” in the first nine months of the year as it seeed to be more efficient, while about 14,000 positions, primarily in management, had also been eliminated.
Tarobtain (TGT) is similarly planning to axe 1,800 corporate roles, while Paramount Skydance (PSKY) is set to slash about 1,000 positions, with layoffs launchning Wednesday. Another 1,000 Paramount employees are expected to be cut later on, according to the Los Angeles Times.
Even perceived winners in the AI-fueled economy, like Meta (META), have recently announced layoffs — in its AI unit, no less. Rivian (RIVN) is also reportedly implementing workforce reductions.
Though layoffs remain relatively stable and the labor market revealed some possible signs of a slight recovery in October, this year’s no-hire, no-fire job environment has left young workers reeling, and the share of long-term unemployed people is at its highest in more than three years. That the pool of out-of-work Americans submitting applications is about to obtain larger will certainly be unwelcome news.
Learn more: How a CD can assist you prepare for — and survive — a layoff
The reasons for the layoffs vary from mergers to complaints of too much bureaucracy and more.
Still, some companies have been transparent about facing other realities feared by workers: Chegg (CHGG), an education technology company, stated this week it would cut about 45% of its workforce as AI dents its revenue, and Salesforce’s (CRM) CEO has stated efficiencies from AI mean the company now necessarys fewer people.
Tariffs are also biting into some companies’ bottom lines, triggering layoffs.
Read more: How Trump’s tariffs affect your money
Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.
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