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Another massive round of layoffs is coming up as Intel announces job cuts at the company. As a part of Intel’s cost-cutting measures and its ambitions to reshape the business entirely, the company will let go of more than 15 percent of its workers in the upcoming months. The company currently employs over 125,000 workers according to The Verge , and the number of employees affected by Intel’s job cuts could range between 15,000-19,000.
U.S. stock market saw sold off for a second straight session on Friday, and the Nasdaq Composite confirmed it was in correction territory after a weak jobs report stoked fears of an oncoming recession. Stocks fell sharply a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession. The Labor Department said nonfarm payrolls increased by 114,000 jobs last month, well short of the 175,000 average forecast by economists.
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