By Inti Pacheco

Even before today's dismal jobs report, companies have been sounding off on layoffs and slower hiring in recent weeks.

On Thursday, Moderna executives said the biotech company would reduce its headcount by the end of the year to under 5,000, down from 5,800 at the beginning of this year.

Procter & Gamble announced in June that it would cut 15% of its non-manufacturing workforce, or up to 7,000 roles, part of a push to create smaller and broader teams. In July, Microsoft said it is cutting 9,000 jobs, or about 4% of its global workforce, in its latest round of layoffs.

Likewise, Intel is cutting 15% of its workforce. Most of the layoffs, which began in the first few weeks of the current quarter, targeted middle management, the company said.

An even greater number of companies are simply slowing or freezing hiring. In earnings calls over the past two weeks, companies in the business of helping employers recruit and bring aboard new employees say that reticence is showing up in their own results.

At temporary-staffing agency ManpowerGroup, U.S. revenue declined 3% in the second quarter, driven by a decline in its Experis business, which focuses on finding IT talent for other companies. Equifax, meanwhile, is feeling the slowdown in its business helping employers do background checks and bring on new hires.

"Overall, U.S. hiring and particularly white-collar hiring, continued to be relatively weak in the second quarter," said Equifax Chief Executive Mark Begor last week during a call with analysts.

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(END) Dow Jones Newswires

August 01, 2025 15:48 ET (19:48 GMT)

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