Mass Layoffs Across Industries: UPS, Media, and Tech

The American economy is facing the impact of persistent inflation and rising costs, leading to mass layoffs across various industries. UPS recently announced the cutting of 12,000 jobs as part of cost reduction efforts. Similarly, major newsrooms like Sports Illustrated, the LA Times, and the Wall Street Journal have undergone significant layoffs. In the tech industry, over 1,000 companies laid off a quarter-million workers in 2023 alone, but the industry is still experiencing record-high profits and stock prices. These mass layoffs are reflective of companies' efforts to downsize and reduce costs amid economic challenges.