The White Collar Recession Is Hurting College Graduates This Year

Cadrene Heslop

Investopedia states this as the definition of white-collar jobs. Typical white-collar jobs include company management, lawyers, accountants, financial and insurance jobs, consultants, and computer programmers, among many others. Many jobs that require a shirt and tie today are low-paying and high-stress, especially in the modern services and technology sectors. (source)

A Business Insider article says layoffs are sweeping America. The jobs on the list are white-collar roles at some of the most well-known American firms. Many college graduates studied to get these positions. And now that the US is facing an economic downturn, these college graduates are losing their jobs. (source)

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Many businesses in America are laying off workers in 2022. Most of these people are white-collar employees due to the nature of their work. The reason for the firings? It is the downturn in the US economy while labor costs are increasing. Thus across many industries, staff numbers are declining. (source)

Here are examples of notable layoffs in the American economy in 2022. (source)

  • Gap: About 500 jobs
  • Snap: 20% of employees
  • Wayfair: About 870 employees
  • Robinhood: More than 1,000 people
  • Peloton: Over 4,150 people
  • Shopify: About 1,000 workers
  • 7-Eleven: 880 jobs
  • Vimeo: 6% of its workforce
  • Tesla: 229 employees
  • Rivian: Around 6% of its workforce
  • Gopuff: 10% of its staff
  • Re/Max: 17% of its workforce
  • Microsoft: Less than 1% of employees
  • JPMorgan: Over 1,000 workers
  • Compass: 450 employees
  • Redfin: About 6% of total employees
  • Coinbase: About 18% of its workforce
  • Carvana: About 2,500 people
  • Reef: About 750 people
  • Better: About 4,000 people
  • Noom: 495 people
  • Thrasio: Up to 20% of staff, sources say
  • Canopy Growth: 250 people
  • Food52: About 20 people
  • Cameo: 87 people
  • PayPal: 83 people
  • Gorillas: About 300 people
  • Netflix: About 150 people

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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports. *Advice Disclaimer: This article should not be considered professional economic, money, life choice, financial, employment, or other advice. The ideas, numbers, and strategies should never be used without first assessing your personal and financial situation, or without consulting a life coach, economist, financial, or other professional.

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