Companies cut jobs, freeze hiring to prepare for economic slowdown

Technology companies, crypto exchanges and financial firms are cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.

In a sign of a tough second half of the year, growth in the world’s largest economy, the United States, shrank for the second straight quarter, while in the euro zone business growth slowed sharply in June due to rising cost of living.