Vox Media announces a new round of layoffs, amid rising inflation concerns and growing fears about a coming recession.
Company will reduce its workforce by at least 39 workers and slow down future hiring. Jim Bankoff from Vox Media spoke to employees regarding the layoffs. He mentioned a slumping economy and that it was important to be prepared for what lies ahead.
CNBC received a copy the memo.
“The current economic conditions are impacting companies like ours in multiple ways, with supply chain issues reducing marketing and advertising budgets across industries and economic pressures changing the ways that consumers spend,” Bankoff wrote in the memo obtained by CNBC. “Our aim is to get ahead of greater uncertainty by making difficult but important decisions to pare back on initiatives that are lower priority or have lower staffing needs in the current climate.”
Jerome Powell (Federal Reserve Chairman) stated to the media that the United States is not currently experiencing a recession.
Vox, one of the largest companies in America, is beginning to reaffirm their belief. Due to the rate increase, America is expected to see more companies tightening operations and hiring freezes as the year progresses.
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