Itβs a tough time for the job market.
Amid wider economic uncertainty, some analysts say businesses are at a βno-hire, no fireβ standstill. That caused many to limit new work to only a few specific roles, if not pause openings entirely. At the same time, some sizable layoffs continued to pile up β raising worker anxieties across sectors.
This undated combination of photos shows clockwise from top left the company logos for Amazon, Target, Lufthansa Group, UPS, ConocoPhillips, Intel, Microsoft, Procter & Gamble and Nestle.
Some companies pointed to rising operational costs spanning from President Donald Trumpβs barrage of new tariffs and shifts in consumer spending. Others cite corporate restructuring more broadly β or, as seen with big names like Amazon, are redirecting money to investments like artificial intelligence.
Government hiring data is on hold during the shutdown, but a survey by payroll company ADP in October showed a loss of 32,000 jobs in the private sector in September.
Here are some companies that cut jobs recently.
General Motors
General Motors moved to lay off about 1,700 workers across manufacturing sites in Michigan and Ohio on Oct. 29, as the auto giant adjusts to slowing demand for electric vehicles. Hundreds of additional employees are reportedly slated for βtemporary layoffs." And GM recently moved to downsize other parts of its workforce, including 200 layoffs mostly impacting engineers in Detroit and another 300 job cuts at a Georgia IT Innovation Center, which it is also shuttering.
Paramount
In long-awaited cuts just months after completing its $8 billion merger with Skydance, Paramount is laying off about 2,000 employees β about 10% of its workforce. Paramount initiated roughly 1,000 of those layoffs on Oct. 29; the rest of the cuts will be made at a later date.
Amazon
Amazon said Oct. 28 it will cut about 14,000 corporate jobs, close to 4% of its workforce, as the online retail giant ramps up spending on AI while trimming costs elsewhere. A letter to employees said most workers would be given 90 days to look for a new position internally. CEO Andy Jassy previously said he anticipated generative AI would reduce Amazonβs corporate workforce in the coming years. Heβs worked to aggressively cut costs overall since 2021.
UPS
United Parcel Service disclosed about 48,000 job cuts this year as part of turnaround efforts, which arrive amid wider shifts in the companyβs shipping outputs. In a regulatory filing, UPS said it cut about 34,000 operational positions β and the company announced another 14,000 role reductions, mostly within management.Β
Target
Target said late last month it would eliminate about 1,800 corporate positions, or about 8% of its corporate workforce globally. Target said the cuts were part of wider streamlining efforts β with Chief Operating Officer Michael Fiddelke noting that βtoo many layers and overlapping work have slowed decisions.βΒ
NestlΓ©
In mid-October, NestlΓ© said it would cut 16,000 jobs globally β as part of wider cost reduction aimed at reviving its financial performance. The Swiss food giant said the layoffs would take place over the next two years. The cuts arrive as NestlΓ© and others face headwinds like rising commodity costs and U.S. imposed tariffs. The company announced price hikes over the summer to offset higher coffee and cocoa costs.
Lufthansa Group
In September, Lufthansa Group said it would shed 4,000 jobs by 2030 β pointing to the adoption of artificial intelligence, digitalization and consolidating work among member airlines. Most of the lost jobs would be in Germany, and the focus would be on administrative rather than operational roles, the company said.Β
ConocoPhillips
Oil giant ConocoPhillips said it plans to lay off up to a quarter of its workforce as part of broader efforts from the company to cut costs. A spokesperson for ConocoPhillips confirmed the layoffs on Sept. 3, noting that 20% to 25% of the companyβs employees and contractors would be affected worldwide. At the time, ConocoPhillips had a headcount of about 13,000.Β
Intel
Intel moved to shed thousands of jobs β with the struggling chipmaker working to revive its business as it lags behind rivals like Nvidia and Advanced Micro Devices. In a July memo to employees, CEO Lip-Bu Tan said Intel expected to end the year with 75,000 βcoreβ workers, excluding subsidiaries, through layoffs and attrition. Thatβs down from 99,500 core employees reported the end of last year.Β
Microsoft
In May, Microsoft began laying off about 6,000 workers across its workforce. Just months later, the tech giant said it would cut 9,000 positions β marking its biggest round of layoffs seen in more than two years. The company cited βorganizational changes,β with many executives characterizing the layoffs as part of a push to trim management layers.Β
Procter & Gamble
In June, Procter & Gamble said it would cut up to 7,000 jobs over the next two years, 6% of the companyβs global workforce. The maker of Tide detergent and Pampers diapers said the cuts were part of a wider restructuring β also arriving amid tariff pressures. In July, P&G said it would hike prices on about a quarter of its products due to the newly-imposed import taxes.
