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The economy has not been kind to many Americans in recent years. During the prime of COVID, many businesses shut down on the orders of various state governments. Some business owners did not ultimately survive these shutdowns and completely lost their livelihoods.

Adverse impacts of inflation, supply chain issues, rising costs, etc. continue to hurt the nation's economy. Inflation is hitting everyone, including business owners and large companies.

Therefore, some are choosing to cut jobs as a means of shielding their bottom lines. Amazon is one of the latest companies to announce significant job cuts.

Nearly 20,000 jobs gone

On Wednesday, Amazon CEO Andy Jassy started off the new year with some troubling news for many who rely on his company to feed their families.

Jassy revealed the incoming demise of over 18,000 jobs. The areas of the company to suffer the greatest impacts from such losses will be Amazon Go, Amazon Fresh, along with the company's People, Experience, and Technology (AET) sector.

Jassy reportedly planned to make this announcement later. However, he chose to reveal the information on Wednesday after someone working for Amazon leaked the news.

With the announcement, the Amazon CEO alleged the decision to cut this amount of jobs arrived after much thought and consideration. He also revealed that assistance with job placements, healthcare benefits, and payments for separation are going out to employees losing their jobs.

Dark economic predictions for 2023

Unfortunately, as 2022 closed out, economic predictions for this year weren't exactly rosy. Currently, many experts believe this year could very well see a recession that impacts many Americans.

The Federal Reserve also remains likely to continue heightening interest rates as a means of cutting down inflation. From the start, economists warned these hikes could drive the economy into a recession. All things considered, such predictions now appear to be coming to fruition.

Sadly, Amazon may not be the only large company this year to make such job cuts. Last year, many tech corporations made headlines for slashing employment and handing their workers pink slips.

With this year just getting started, it remains to be seen what comes next.