US Retailers Surpass Tech Layoffs

The retail sector’s slowdown in hiring is evident in the decrease of job openings to 10.7 million in June. Walmart, one of the largest employers in the U.S., laid off 200 corporate employees last week. E-commerce and tech retailers are particularly affected as some consumers return to in-store shopping.

Shopify, an e-commerce company once seen as a potential competitor to Amazon, announced a 10% workforce reduction in late July after reporting a $1.2 billion net loss in the second quarter.

Several other companies have also announced large downsizing rounds, including Salesforce, which laid off 7,000 workers on January 4th, and Wayfair, which cut 1,750 jobs. Despite these layoffs, a report from ZipRecruiter found that 79% of laid-off tech workers found new jobs within three months of losing their old ones.

Retail disruptors are also feeling the pressure, with Warby Parker, StockX, Allbirds, and Stitch Fix announcing layoffs this year. Funding for startups has decreased, with global funding dropping 23% year over year in the second quarter, according to data from CB Insights…