Hi tutor,

Can you help me with my report. I have chosen "Major companies laying-off in the U.S." Please see below my report.

The news report and current macroeconomic event that I would like to discuss is about major U.S. companies laying-off employees because of the current economic situation.A number of layoffsthat hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.Amazon informed their employees in March that it wouldeliminate 9,000 roles, which comes on top of the 18,000 job cuts it announced earlier this year.Amazon joins a large group of major corporations that have made significant cuts in the new year: tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced massive layoffs in the first weeks of 2023 amid a continued economic downturn and stagnating sales. These layoffs have primarily affected the tech sector, which is now hemorrhaging employees at a faster rate than at any point during the pandemic, (Biron, 2023). According to an article (Insider, 2023), layoffs since the start of the pandemic, tech companies slashed more than 150,000 in 2022 alone compared to 80,000 in 2020 and 15,000 in 2021.

Here are some notable examples of layoffs this 2023:

• Open Door: 560 jobs
• Mckinsey: 1,400 employees
• David's Bridal: 9,236 employees
• Virgin Orbit: 85% of its employees
• Electronic Arts: 780 employees
• Roku: 200 employees
• Walmart: 200 employees
• Accenture: 19,000 positions
• Linkedin: 2,200 staffers
• Meta: 10,000 workers

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I need help on how massive lay-offs affect the economy from GDP, inflation, unemployment, international trade, interest rates.

a short explanation will do.

Thanks.