Amazon pushes ahead with 18K layoffs as recession fears grow in the C-suite
HJBC

Amazon (NASDAQ:AMZN) is moving forward with the round of layoffs announced earlier this month.
The early round of job cuts targeted Amazon's (AMZN) Devices and Services group, which builds the Alexa digital assistant and Echo smart speakers. The next round of cuts will impact jobs in the retail division and human resources, according to Bloomberg.
All told, the estimated 18K job elimination total about 1% of the Amazon (AMZN) workforce.
Amazon (AMZN) is just one major company of many preparing for an economic slowdown. A CEO survey over the weekend indicated a recession is a top concern. The Conference Board survey, which polled ~700 CEOs and over 450 other C-suite executives, found that fears of a recession or economic downturn ranked as the top external worry for 2023. Recession fears intensified from last year's poll, in which recession was ranked as the sixth external concern. Inflation and higher borrowing costs were among the other top concerns for CEOs globally in 2023. Most CEOs polled by the think tank expect little or no economic growth for most of 2023. 60% of U.S. CEOs surveyed and 51% of CEOs globally expect growth to resume in their region in late 2023 or mid-2024.
Shares of Amazon (AMZN) moved up 0.45% premarket to $96.48 vs. the 52-week trading range of $81.43 to $170.83.