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September 01, 2020 1:32pm
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As Carvana And Coinbase Stock Plunge, Companies Lay Off Workers “On A Scale.”

When there is a shortage of workers, are layoffs inevitable?

Coinbase Stock
Source: Getty Images

In its first-quarter loss of $506 million, online automotive retailer Carvana (renowned for its automobile vending machines) announced cutting off around 2,500 people, or about 15 percent of its staff.

Federal Reserve Chairman Jerome Powell has said that the job market is historically tight. As a result, the Fed is trying to arrange a soft economic landing by slowing inflation without starting a recession. 

BondCliq data shows that Carvana’s debt was the most traded in the U.S. “junk-bond” market on Wednesday, followed by Bausch Health Americas Inc. and Coinbase.

Cryptocurrency values have plummeted since last year’s peak, leading to a loss for Coinbase and the loss of more than 2 million customers, according to the company’s latest financial report.

The Federal Reserve’s attempts to rein in excessive inflation by increasing interest rates and reducing its almost $9 trillion balance sheet have wreaked havoc on fixed-income investors in the first quarter of 2022.

Increasing interest rates to 7.4% on the ICE BofA U.S. Corporate Index has triggered a historic debt bubble.

FactSet estimates that Carvana shares are down 87.1 percent on YTD, while Coinbase shares are down by 787.7 percent.

The post As Carvana And Coinbase Stock Plunge, Companies Lay Off Workers “On A Scale.” appeared first on Best Stocks.

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