New Delhi: The US based Walt Disney Company is undergoing layoff process of around 300 employees in the COUNTRY. This is a fresh round of retrenchment the company had undertaken. According to Variety (American Magazine), other corporate houses in the US like Microsoft and Paramount Global have also retrenched workers, recently. Disney’s latest job cut is at the corporate level as the company cites cost cutting and weak demand as main reasons.
The entertainment giant’s current layoff is in departments like HR, finance, communications and legal.
Before this, it had sacked employees in May 2024 and July 2024 as well. In the US, major corporate houses have continued with layoffs in last two to three years citing weak economy.
Prior to this, Disney had conducted mass layoffs back in 2023 when it had hacked 7,000 workers.
Its competitor, Paramount Global has also recently announced fresh round of sacking. The company has not disclosed yet how much employees it has planned to sack.
While, IBM too had recently laid off thousand of workers.
These cost cutting measures are not limited to only US. Most of these companies had sacked employees on global level too particularly in India.
While, other corporate houses which have undertaken sacking of workers in the US in 2024 are Time Magazine, BBC, Fox Entertainment, Warner Bros. Discovery, CNN, Pixar, Marvel, etc.
The US has been battling weaker demand in last few months. Its recent job data hasn’t instilled confidence among the dignitaries that its economy is out of the woods. Its unemployment rate has continuously increased in the last few months. To take stock of things, the central bank, Federal Reserve has initiated first interest rate cut in last four years, but many believe Fed’s actions are too late. A certain school of economists in the world’s most powerful country believe its already in recession and this will reflect in the country’s GDP data with a time lag. So far, whatever data is available, it cannot be technically said that the economy is in recession. But, the prolonged layoffs tell different story.