• A wave of layoffs has swept across American business in 2022.
• The cuts stem from slower business growth, paired with rising labor costs.
• The layoffs span across industries, from mortgage lending to digital-payment processing.

Meta is the latest tech firm to slash its headcount. 

Facebook’s parent company plans to cut 13% of its workforce in sweeping layoffs across divisions, CEO Mark Zuckerberg wrote in a blog post Wednesday. 

It’s one of countless major American businesses that have picked up the pace of firing in 2022: Peloton has laid off thousands of employees this year. Twitter slashed 50% of its workforce. Even traditionally layoff-resistant companies like Netflix have made cuts, and now companies that saw a pandemic-era boom, like Shopify, are cutting hundreds of jobs.

The reason, broadly, is twofold: business growth is slowing, while labor costs are increasing. The combination is causing American companies across a variety of industries to slash headcount.

Here are some of the most notable examples so far: