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Carvana fires 1,500 workers

The job losses in America are huge; Carvana joins the club. Indeed, this economy is not firing on all cylinders.

Adding to the heavy number of layoffs roiling several sectors, Carvana is letting go of 1,500 employees Friday, which is 8% of its workforce. CEO Ernie Garcia emailed staff, citing "economic headwinds" and noting it was a "hard day." The used car retailer surged in popularity during the pandemic's online shopping bonanza, but demand plummeted this year due to "rising interest rates and recessionary fears." Friday's layoffs will largely impact those in its corporate and tech departments, who will receive separation and severance pay, according to CNBC.