Google's plans to hire fewer people this year are blamed on the uncertain state of the world economy.
Sundar Pichai, the CEO of Google, said that the company would ''pausing development" and "re-deploying resources to higher priority areas." in the future. Insiders were the first to tell the news.
“The uncertain global economic outlook has been top of mind. Like all companies, we’re not immune to economic headwinds,” Pichai said in the memo.
With record inflation, rising oil prices, and food shortages hurting the world economy, the company's growth slowed to 23% in the first quarter.
Pichai said that for the rest of the year, Google will be “slowing the pace of hiring for the rest of the year while still supporting our most important opportunities.”
“For the balance of 2022 and 2023, the company will focus on hiring on engineering, technical, and other critical roles,” he said.
By not hiring as many people for the rest of this year, the third-largest company is warning of a disaster in the job market. This is another example of how bad Vice President Biden is at handling money.
Google has done well in both good and bad times for the tech industry and the economy. After the 2008 financial crisis, the internet giant had to temporarily stop its major advertising business and industries that weren't making money, like smartphones, self-driving cars, and wearable technology. As a result, it has now hired more people.
Bloomberg says that companies aren't raising salaries as much as they did last year. Employers, business owners, and recent studies all agree that corporations are becoming more careful with their money.
Jonas Prising, CEO of ManpowerGroup Inc., said, “We’ve reached a level of wage inflation where employers are going to say, ‘I’ve done as much as I can,'”
“My consumers and customers aren’t going to accept me passing these costs on any further, so we need to start to mitigate them,” Prising added.
Google will be the first to say that there is a problem with the economy. The inflation numbers for this week may show that there are still questions about the job market and the economy. Biden says he creates jobs, but his economic plans could have the opposite effect.
The preceding is a summary of an article that originally appeared on GatewayPundit.
