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Layoff Fears Grow as Companies from Robinhood to Tesla Cut Jobs

Aug. 3, 2022, 4:00 PM

With a recession on the horizon, that anxious voice in the minds of American workers is getting louder — am I going to lose my job?

Fears of an economic downturn are becoming more widespread as the Federal Reserve hikes interest rates to combat the highest inflation in decades, with economists saying the probability of a downturn over the next 12 months is nearing 50%.

So far, the labor market is still strong overall. But the number of firms announcing cuts is adding up: Robinhood Markets Inc. on Tuesday became the latest, saying it’s slashing almost a quarter of its workforce, while Microsoft ...