Amazon reportedly preparing to cut as many as 30,000 jobs

Amazon is preparing massive layoffs potentially affecting tens of thousands of employees, multiple outlets reported Monday.Why it matters: The labor market has been stuck in a nervous equilibrium, where employers weren't hiring but weren't firing either.That may be changing. Driving the news: Amazon will lay off as many as 30,000 corporate employees starting Tuesday, Reuters reported. CNBC confirmed that layoffs were coming and were likely to be the largest in Amazon's corporate history. Zoom out: The cuts at Amazon follow reports that Target will also cut 1,000 corporate roles this week and that similar reductions may be coming at Paramount Skydance.The big picture: The years-long "frozen labor market" has meant that people with jobs mostly kept them, but those without mostly couldn't find them.Economists feared the market would turn with the impact of tariffs earlier this year, which didn't happen.Now, though, a number of big employers appear to be sliding in with a round of pre-holiday belt tightening, despite record highs in the stock market and signs of strong economic growth. For the record: Amazon did not immediately reply to requests for comment.Amazon shares were flat in after-hours trading amid the reports.

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