BOSTON — Layoffs have swept the country and have reached a fever pitch over the past week.
Google, Microsoft, Salesforce and Boston-based Wayfair have all announced major staff cuts in the past seven days. It has led to tens of thousands of layoffs this month.
Wayfair announced Friday morning that the company will lay off more than 1,700 employees. That’s on top of the nearly 900 the company has laid offfrom 2022.
In a memo to employees, the company said, “These changes reflect efforts to eliminate and reorganize layers of management to be more flexible.”
Peter Ireland has taught economics at Boston College for the past two decades. “There’s no way you can take this as good news,” said Ireland. “Those (companies) are all sectors of the economy that really thrived while the rest of the economy struggled during the pandemic and its aftermath.”
Ireland said any of these companies that are downsizing their workforce fall into the tech, financial or online retail category. All sectors of the economy that thrived during the pandemic and allowed rapid hiring trends to keep up with demand.
Sundar Pichai, the CEO of Google, announced a 10,000 job cut on Friday. In a statement to the company, Pichai said, “Over the past two years, we’ve seen periods of dramatic growth. To match and drive that growth, we’ve been hiring for a different economic reality than the one we’re facing today.”
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