Joynese Speller was excited to start a new job as a project delivery specialist for a health care company. Due to budget cuts, the job she hadn't even started yet was being eliminated. Speller, 26, of Charlotte, North Carolina, was told they were trying to find her a position in a different department.

The U.S. labor market is still tight, andworkers have more bargaining power than ever. "I left one job thinking I was going to another, so I wasn't financially prepared for what was coming," says one woman. She's been doing Doordash deliveries to make ends meet for the past three weeks.

Job openings and quitting rates have shot up in the last year while unemployment ticked downward. As of April, there were roughly two job openings for every worker who wanted one. Many employers started scrambling to tighten their budgets due to rising inflation, rumblings of a looming recession and swings in the crypto market.

crypto exchange Coinbase laid off 18% of its workforce and began pulling job offers. Other companies including Twitter and Redfin have rescinded offers in recent weeks. Most of these high-profile staffing cuts are from hyper-growth tech companies focused on nixing early-career jobs.
Posted by
Tap to copy the Short Url to this post: 
One-Stop Business News. Free to Use →