{"id":1505817,"date":"2022-06-06T17:50:55","date_gmt":"2022-06-06T21:50:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1505817"},"modified":"2022-06-06T17:50:57","modified_gmt":"2022-06-06T21:50:57","slug":"recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs\/","title":{"rendered":"Recession Fears Lead Big Tech Companies To Pause Hiring, Cut Jobs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frecession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1505817&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As <a href=\"https:\/\/www.dailywire.com\/topic\/recession\">recession<\/a> fears loom over America\u2019s C-suites, several leading <a href=\"https:\/\/www.dailywire.com\/topic\/big-tech\">Big Tech<\/a> companies are tapping the brakes on hiring new <a href=\"https:\/\/www.dailywire.com\/topic\/unemployment\">employees<\/a>.<\/p>\n<p>The United States economy contracted at a 1.5% annualized rate during the first quarter of 2022, according to the <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-05\/gdp1q22_2nd.pdf\">Bureau of Economic Analysis<\/a>, which associates recessions with <a href=\"https:\/\/www.bea.gov\/help\/glossary?title_1=All&#038;title=&#038;page=6#:~:text=The%20NBER%20recession%20is%20a,well%20as%20quarterly%20GDP%20growth.\">two consecutive quarters<\/a> of negative growth. The Nasdaq \u2014 a technology-heavy stock index \u2014 has endured losses for most of the year, at one point enduring its <a href=\"https:\/\/www.dailywire.com\/news\/tech-stocks-see-worst-losing-streak-since-dot-com-bubble\">worst selloff<\/a> since the dot-com bubble in 2001.<\/p>\n<p>Microsoft is the latest firm to slow hiring throughout the company. According to a Monday report from <a href=\"https:\/\/www.businessinsider.com\/microsoft-hiring-slowdown-downturn-recession-open-roles-2022-6\">Business Insider<\/a>, Microsoft is slowing the growth of a cybersecurity venture spearheaded by former Amazon executive Charlie Bell from their projected growth of 4,000 to just adding 200 jobs. The company is also seeking to increase pay and prevent employee attrition to competing firms.<\/p>\n<p>Meanwhile, cryptocurrency firm Coinbase announced that it would respond to \u201ccurrent market conditions and ongoing business prioritization efforts\u201d by extending its hiring pause \u201cfor both new and backfill roles for the foreseeable future,\u201d as well as rescinding \u201ca number of accepted offers,\u201d according to a <a href=\"https:\/\/blog.coinbase.com\/update-on-hiring-plans-bcedfa634989\">blog post<\/a> from Coinbase Chief People Officer LJ Brock.<\/p>\n<p>\u201cWe always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,\u201d the post said.<\/p>\n<p>Ridesharing company Lyft will slow hiring and bolster stock options in response to its sliding share price. \u201cIt\u2019s clear from our discussions with other business leaders that every company is taking a hard look at how they respond to concerns about an economic slowdown and the dramatic change in investor sentiment,\u201d Lyft President John Zimmer wrote in an internal memo seen by <a href=\"https:\/\/www.wsj.com\/articles\/lyft-to-pause-hiring-and-reduce-budgets-to-reduce-costs-as-shares-plunge-amid-investor-concerns-11653426208\">The Wall Street Journal<\/a>. \u201cGiven the slower than expected recovery and need to accelerate leverage in the business, we\u2019ve made the difficult but important decision to significantly slow hiring in the US.\u201d<\/p>\n<p>Last week, <a href=\"https:\/\/www.reuters.com\/technology\/exclusive-musk-says-tesla-needs-cut-staff-by-10-pauses-all-hiring-2022-06-03\/\">Reuters<\/a> revealed that Tesla CEO Elon Musk told executives he wanted to cut 10% of the firm\u2019s 99,000 jobs due to his \u201csuper bad feeling\u201d about the economy. He instructed company leaders to \u201cpause all hiring worldwide.\u201d The message came two days after Musk <a href=\"https:\/\/www.dailywire.com\/news\/musk-remote-work-is-no-longer-acceptable-at-tesla\">said in another email<\/a> that \u201cremote work is no longer\u201d acceptable at Tesla.<\/p>\n<p>\u201cIf there are particularly exceptional contributors for whom this is impossible, I will review and approve those exceptions directly,\u201d he directed, adding that the workplace \u201cmust be a main Tesla office, not a remote branch office unrelated to the job duties, for example being responsible for Fremont factory human relations, but having your office in another state.\u201d<\/p>\n<p>Before the most recent news on economic activity, the United States had been <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-fourth-quarter-and-year-2021-advance-estimate\">recovering<\/a> from COVID-19 and the lockdown-induced recession \u2014 growing at a strong 5.7% in 2021 after contracting 3.4% in 2020. The economy, however, has also been troubled by numerous phenomena \u2014 including <a href=\"https:\/\/www.dailywire.com\/news\/consumers-disliked-2021s-economy-more-than-2020s\">persistent inflation<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">high gas prices<\/a>, and the <a href=\"https:\/\/www.dailywire.com\/news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\">Russian invasion of Ukraine<\/a>.<\/p>\n<p>Consumer sentiment is collapsing amid the negative trends. According to a <a href=\"https:\/\/www.dailywire.com\/news\/poll-finds-more-americans-are-pessimistic-about-their-standard-of-living\">poll<\/a> conducted by The Wall Street Journal and the University of Chicago\u2019s National Opinion Research Center (NORC), 83% of respondents described the state of the economy \u201cas poor or not so good.\u201d Meanwhile, 35% said they are not \u201csatisfied at all with their financial situation\u201d \u2014 the highest level since the poll began in 1972.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As recession fears loom over America\u2019s C-suites, several leading Big Tech companies are tapping the brakes on hiring new employees. The United States economy contracted at a 1.5% annualized rate during the first quarter of 2022, according to the Bureau of Economic Analysis, which associates recessions with two consecutive quarters of negative growth. The Nasdaq &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1505864,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1505817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1505817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1505817"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1505817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1505864"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1505817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1505817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1505817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}