Amazon announced it would pause new corporate hires.
In a message to staffers late Wednesday that was made public on Thursday, Beth Galetti, Amazon’s senior vice president of people experience, cited an “unusual macro-economic environment” as a reason for the decision, saying the company “wants to balance our hiring and investments with being thoughtful about this economy.”
Galetti told employees the company expects to keep the hiring freeze in place “for the next few months.”
Depending on the business, Galetti noted Amazon will hire backfills to replace employees who leave the company. In some areas, it will continue to hire people incrementally.
In the past few weeks, Amazon AMZN, -3.06% had paused hiring for the corporate side of its retail division and some of its other businesses. The company has also gotten rid of subsidiary fabric.om and shuttered its Amazon Care health service. Galetti said the Seattle-based retail and tech giant still intends to hire a “meaningful number of people” next year.
What Happened?
The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3.75% and 4%, its fourth 0.75% rate hike in five months.
The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed said in a statement…Read More
According to data from Benzinga Pro, AMZN has a 52-week high of $188.11 and a 52-week low of $90.16.
Over the past five sessions, Apple’s stock has risen 0.16%, while Alphabet has fallen 5.7%, Amazon is down 17.0% and Meta has lost 7.6% over that period.
Despite Apple’s achievement, its market cap has fallen back from its $2.193 trillion value at the end of 2021. A series of headwinds — high inflation, rising interest rates, fears of recession and the Ukraine war among them — have meant tech stocks have struggled in 2022 as investors lost appetite for higher risk assets.
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