The National Bureau of Economic Research's definition of "a significant decline in economic activity that is spread across the economy and lasts more than a few months" has enough wiggle room and gray area to push a formal declaration further out into the future. Last Wednesday, Amazon (NASDAQ: AMZN) told employees that because of "an unusual and uncertain macroeconomic environment," it was going to immediately begin laying off as many as 10,000 or more workers. While we've seen tens of thousands of employee departures from tech companies like Meta, Snap, and Twitter in recent weeks, the back-to-back announcements by Amazon and FedEx are especially worrisome because they're happening just before Christmas. Read More...
The National Bureau of Economic Research’s definition of “a significant decline in economic activity that is spread across the economy and lasts more than a few months” has enough wiggle room and gray area to push a formal declaration further out into the future. Last Wednesday, Amazon (NASDAQ: AMZN) told employees that because of “an unusual and uncertain macroeconomic environment,” it was going to immediately begin laying off as many as 10,000 or more workers. While we’ve seen tens of thousands of employee departures from tech companies like Meta, Snap, and Twitter in recent weeks, the back-to-back announcements by Amazon and FedEx are especially worrisome because they’re happening just before Christmas.
