Amazon, no hire and job market
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The Federal Reserve cut its benchmark interest rate by a quarter percentage point Wednesday, because the central bank is more concerned about the job market than it is with battling inflation.
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Retail job losses are surging, with Amazon and Target cutting nearly 32,000 corporate jobs combined, signaling a major industry restructuring.
Amazon has confirmed it plans to cut thousands of jobs, saying it needs to be "organised more leanly" to seize the opportunity provided by artificial intelligence (AI). The tech giant said on Tuesday it would reduce its global corporate workforce by "approximately 14,000 roles".