The slew of widely publicized layoffs comes as the job market begins to slow, following months of historic post-pandemic growth. US employers added just 236,000 jobs in March, below expectations — and a sign that the Federal Reserve’s yearlong rate-hiking campaign to chill inflation is now also cooling the labor market.
The Swedish company — one of the world’s biggest providers of 5G mobile networks —announced a drive in February to cut costs by 9 billion crowns by the end of this year. Among other measures, the plan will “also result in a need to address headcount,” an Ericsson spokesperson told CNN. NPR National Public Radio said it would lay off 10% of its staff after projecting a $30 million budget shortfall, NPR’s chief executive John Lansing wrote in a memo to staff in February.