January 25, 2023
2 mins read

Biden understands impact of layoffs on family: White House

In the last several weeks, major IT companies, like Google, Microsoft, and Amazon, have fired thousands of IT professionals…reports Asian Lite News

As mass layoffs have become a trend in the US this season, especially in the IT sector, White House has said the economy is growing steadily and Washington understands the impact of job cuts.

In the last several weeks, major IT companies, like Google, Microsoft, and Amazon, have fired thousands of IT professionals. A significant number of them are either Indian Americans or Indian IT professionals. “Our economy is continuing to grow in a steady and stable manner… And so, more broadly, when it comes to economy, layoffs remain near record lows, according to job opening data,” White House press secretary Karina Jean-Pierre said during a press conference on Tuesday.

She said, the President has said many times that he’s going to do everything that he can to make sure the economy “works for everyone, that works from the bottom up and middle out.”

“The President understands first-hand the impact losing a job can have on a family. He understands that very personally. But I’m just not going to get into individual specifics,” she added.

US Securities and Exchange Commission recently said that Microsoft Corporation will lay off approximately 10,000 employees by the end of the third fiscal quarter of 2023 in response to macroeconomic conditions and changing customer priorities.

“On January 18, 2023, Microsoft Corporation announced to its employees a series of actions it is taking in response to macroeconomic conditions and changing customer priorities. These actions include workforce reductions of approximately 10,000 employees by the end of the third fiscal quarter of 2023, changes to our hardware portfolio, and lease consolidation to create higher density across our workspaces,” the US Securities and Exchange Commission said in a statement.

“Collectively these actions will result in a charge of USD 1.2 billion in the second quarter of our 2023 fiscal year, representing a USD 0.12 negative impact to diluted earnings per share,” the statement added.

Earlier, it was reported that Microsoft was laying off thousands of employees to cut five per cent of its workforce. Thousands of job cuts are expected in human resources and engineering divisions on Wednesday, Reuters reported citing Sky News.

The layoffs would be the latest in the US technology sector, where companies including Amazon.com Inc and Meta Platforms Inc have announced retrenchment exercises in response to slowing demand and a worsening global economic outlook. (ANI)

ALSO READ: Ukraine to get Abrams tanks

Previous Story

Virgin Atlantic names plane after Queen Elizabeth II

Next Story

US says Sweden, Finland ready for NATO membership

Latest from -Top News

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

US to revoke all South Sudan visas

Trump’s administration has taken aggressive measures to ramp up immigration enforcement, including the repatriation of people deemed to be in the US illegallyThe US said on Saturday it would revoke all visas

Panama wants ‘respectful’ ties with US

The US State Department said Landau had “expressed gratitude for Panama’s cooperation in halting illegal immigration and working with the US to secure a nearly 98% decrease in illegal immigration Panama hopes
Go toTop

Don't Miss

Indian-American lawyer to be inducted to Hall of Fame

Murthy, founder and president of Murthy Law Firm, will be

Biden Reboots Arabia

“The United States is invested in building a positive future