Morning Business Report: Amazon to announce biggest corporate layoffs in company history

Amazon is set to announce massive job cuts today — reportedly the largest in its corporate history.

(LILAMAX)- Amazon is set to announce massive job cuts today — reportedly the largest in its corporate history.

According to multiple reports, as many as 30,000 corporate employees could lose their jobs as part of the company’s sweeping restructuring effort. The layoffs are expected to affect multiple divisions, with Amazon citing efficiency and automation as driving factors.

Meanwhile, the U.S. and Mexico have agreed to extend trade negotiations, delaying a planned tariff increase from 25% to 30% on select Mexican goods. The pause, first implemented in July, was set to expire this week. Mexico remains America’s largest trading partner, accounting for $798 billion in goods and services exchanged in 2023.

On Wall Street, the S&P 500 closed above 6,800 for the first time ever, joining the Dow Jones and Nasdaq, which also ended at record highs.

However, tariffs are taking a bite out of Halloween shoppers’ wallets. Retail data from DataWeave shows prices for some Halloween items — such as pumpkin carving kits — are up as much as 300% year-over-year, with import tariffs reaching nearly 60%.

At the same time, many Americans are struggling to hold onto their paychecks. A Talker Research survey conducted for EarnIn found that millennials spend about 40% of their paycheck within hours of being paid, more than any other generation. For the average worker, nearly half of each paycheck is gone within 48 hours, largely on essentials like groceries, rent, and utilities.