Layoffs and budget cuts—tracking economic moves and news

How brands and agencies are bracing for a recession and responding to deteriorating market conditions

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By Ad Age Staff. Published on July 07, 2022.

With the economy slowing down after unprecedented supply chain woes and inflation at its highest in decades—and a growing number of economists predicting a recession—the job market is taking a turn for the worse, with several marketers and agencies already announcing layoffs.

If the tightening continues, it will mark a major shift in the agency, brand marketing and media industries, where the biggest problem employers had been facing was finding enough talent to fill open positions. Now, firms could soon have to decide which jobs to cut.

Below, we track the latest layoff announcements and other budget-cutting news from major marketers and agencies, plus economic headlines to know about.

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