Concerns about the state of the economy come with worries about job security. In fact, half of companies are expecting to cut staff according to a PwC survey of more than 700 executives. The same survey found many executives are also planning hiring freezes and even rescinding job offers. But many companies have already trimmed their workforce. Here are the sectors facing layoffs in this week’s Five For Friday. …
Consumer spending was flat for July, and without growth, retailers are tightening their belts. Bed Bath & Beyond announced last week it is closing 150 stores and laying off 20% of its 32,000 employees. Wayfair, which thrived at the height of the COVID-19 pandemic, is cutting 870 jobs. Ecommerce platform Shopify will also slash 10% of its workforce as the sector loses steam.
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