Morgan Stanley and Dropbox are the latest companies to announce cuts: Morgan Stanley is reportedly cutting 3,000 by the end of the quarter, while Dropbox’s CEO said last week the company would cut 500 jobs. Gap, meanwhile, said it would cut 1,800 jobs as part of a restructuring plan meant to cut costs at headquarters and in upper management.

The news comes after Lyft told employees on April 21 it would eliminate 1,200 roles, or about 30% of its workforce. The cuts will apply to corporate staffers, as Lyft does not consider drivers to be official employees of the company.

These companies join a large number of major corporations that have made significant cuts in the new year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales.

[This is what happens when the Fed is the only institution dealing with high, sustained inflation. The job destruction is intentional, an attempt to solve inflation on the demand side. Supply-side tax and regulatory policies would have at least mitigated the effects by substantially increasing production to meet demand, thus lowering prices or at least arresting the increase in them. — Ed]