Amazon has announced that it will be cutting approximately 10,000 jobs this week.

Amazon Pauses Recruiting in Face of Negative Economic Predictions

This week, Amazon plans to lay off more than 10,000 employees, according to the New York Times.

According to a recent report, Amazon is set to make the largest staff cuts in company history. The majority of employees impacted will be those working in hardware, retail and human resources divisions.

It is estimated that the layoffs will only affect less than 1% of Amazon’s global workforce and 3% of the company’s employees.

As of December 31, 2021, Amazon had 1.6 million full-time and part-time employees, which is an increase of 102% from 798,000 reported at the end of 2019.

The holiday shopping season is always a busy time for Amazon, and often when the company hires additional staff to meet increased customer demand.

However, as sales continued to drop and the global economy seemed bleak, Andy Jassy took over as CEO in July 2021 and made the decision to cut costs.

The stock has fallen 40% this year and is poised to have its weakest showing since 2008.