Amazon is freezing its hiring while Lyft is laying off 700 workers, accounting for 13% of its employees. The news add to concerns that the tech labor market is cooling as the Federal Reserve continues slowing down the global economy.
Companies are scrambling to reduce costs as consumer spending decreases and talks of a recession have picked up in recents months.
Another company that could trim off as much as half of its workforce is Twitter, according to plans of its new leadership Elon Musk, according to Bloomberg.
The labor market remains strong for the time being, although this could change in the months ahead.