Retail giant Walmart announced corporate layoffs this week, suggesting that the labor market could be slowing down as fears of a recession mount.
The retailer noted, however, that it is still investing in and adding jobs in key areas, including advertising, technology, and its supply chain.
"At the same time, we’re further investing in key areas like eCommerce, technology, health and wellness, supply chain, and advertising sales, and creating new roles to support our growing number of services for our customers, suppliers, and the business community," the spokesperson said.
The Epoch Times has contacted Walmart for comment.
The layoffs come shortly after the company trimmed its quarterly and full-year profit outlook, citing a change in consumer behavior that has led customers to cut back on other items, such as clothing and electronics.
Food Inflation Hits Double DigitsWalmart said it now anticipates adjusted earnings per share for the second quarter and full year to decline around 8–9 percent and 11–13 percent, respectively. Previously, the retailer had predicted a 1 percent fall it had previously forecast for the full year.
"Food inflation is double digits and higher than at the end of the first quarter. This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel," Walmart said.
The number of job openings fell by 605,000, from more than 11.3 million in May to 10.7 million in June, according to the data, missing out on economists' estimates of 11 million. Meanwhile, the rate of job openings dropped, to 6.6 percent from 6.9 percent. Those figures represent the largest decline since April 2020.