Despite a robust job report for July, layoffs are moving in at a brisk pace at the beginning of August, with a slew of firms making cuts in the past week.
Technology giant Oracle reportedly eliminated workers in its U.S. customer experience division Monday, with more rounds of firings expected in several other divisions as the software firm struggles with economic woes.
More than a month ago, reports said that jobs would be cut at Oracle's divisions in India, Canada and Europe, with thousands of workers facing pink slips.
According to The Wall Street Journal, hundreds of Oracle employees have already been let go.
The week was kicked off by a report that insurer GEICO shut all 38 of its offices in California, laying off hundreds of phone agents it had in the state. Californians can still get GEICO policies in the state by buying them online, despite the fact that the company didn't provide its reasoning behind the decision.
The brokerage firm reported a 44% drop in revenues for the second quarter, and slashed its workforce by 23% as part of a reorganization.
Walmart has lowered its profit outlook for the second quarter and the full year as inflation takes its toll, which is why it is laying off corporate workers as part of a restructuring process.
On the same day, plant-based food company Beyond Meat said it would trim its headcount by around 4%, due to dwindling demand for its products in the U.S.
CNET reported earlier this week that Verizon also reduced staff, following the T-Mobile wireless carrier's cuts.
It is impossible to know whether layoffs will have an impact on the economy at large until the August jobs report rolls in, with many companies remaining mum on the number of jobs cut.
In the coming months, job growth momentum is expected to cool as companies reduce demand due to soaring inflation.