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Ride-share company Lyft stops US hiring amid recession fears

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The San Francisco-based ride-hailing brand cut jobs in July in its rental operation and has been fighting out-of-control expenses as inflation reaches record levels.

Ride-sharing app Lyft says it will halt all hiring until the end of the year in the United States as companies push cost-cutting measures amid rising inflation.

Lyft cut jobs in its rental division in July, Reuters reported. The company has fought against rising expenses this year as U.S. inflation increases. The Securities and Exchange Commission said in a recent quarterly filing that Lyft had about 5,000 employees on its payroll.Lyft's competitor Uber has also cut hiring and its marketing budget.

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