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Amgen Layoffs 2023 Second Wave Cuts 450 Jobs Announced

The 2023 year, could be called a layoff year for the tech industry. Many tech giant industries including Google, Microsoft, Tesla, Twitter, Amazon, Meta, and so on performed job cuts or announced a number of layoffs for this year.

Amgen Layoffs 2023 second wave cuts 450 jobs announced

The American multinational biopharmaceutical company on recent Thursday 16 March 2023, announced that the company would lay off about 450 employees or less than 2% of its total workforce. According to the U.S. Securities and exchange commission, Amgen had about 25,200 employees worldwide till 31 December 2022.

This is going to be the second wave of job cuts for Amgen. The first job cut in Amgen was in January 2023, when the company laid off about 300 employees.

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What are the reasons for Amgen’s layoffs in 2023?

The company said it faces increasing pressure from drug prices and high inflation.

Amgen spokesperson said in a statement that we are making these changes to overcome the company’s expenses in the face of intensifying pressure on drug prices and high levels of inflation. By doing this we can continue to deliver value for our patients, staff, and shareholders.

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FED rate hikes continued for 2023 March

On the other side of 2023 U.S. layoffs, FED continuously increased interest rates in the hope to overcome the U.S. inflation data. FED on Wednesday 22 March 2023, again increased interest rates to 25 basis points.

Data shows that the USA inflation rate for February 2023 is around 6% which was down from 9% in June 2022. In June 2022, U.S. inflation hit its highest point of inflation since the last 40 years. These changes would be made to take loans more expensive. 

Conclusion – USA Layoffs 2023

Reports show that around 1,48,000 employees have been laid off since the start of the 2023 year. Among Amgen’s second wave of layoffs, the tech giant Meta announced that it is ready for its second round of layoffs of 10,000 Meta employees. Amazon on another hand also announced its second round of layoffs of around 9,000 employees.

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