Just the beginning of the pain Layoffs!
In recent times, there has been a lot of talk in global markets about the impending economic slowdown.
As per the IMF, the US economy is tipped to slow down to 1.6 per cent in 2022 from 5.7 per cent in 2021 and further to 1 per cent in 2023.
This, however, is inevitable to keep price pressures in check.
Both CPI and PPI (producer price index) inflation in the US have eased markedly in October, suggesting that the worst is probably behind us.
This coupled with the synchronised global monetary policy tightening has led to higher costs, falling demand and a squeeze in profitability.
Other companies such as Microsoft, Salesforce, Oracle too have reportedly laid off employees amidst the worsening global macro landscape.