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Corporate America tightens its belt

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The upper hand that workers have gained over the past two years may be on the verge of weakening as economic uncertainty sets in.

Thrasio, a buzzy e-commerce startup, replaced its CEO and reportedly is planning to cut up to 20% of its staff, according toBusinesses that grew too quickly during the pandemic are having to cut back because economic conditions have changed so much.The big picture:

Through April, this has been the lowest start to the year in terms of total layoffs in the country since 1993, Andrew Challenger, senior vice president at outplacement firm Challenger, Gray & Christmas, tells Axios.“Labor’s always a kind of slow [and] lagging indicator of what’s happening in the overall economy,” he added.

 

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