belt-tightening

But growing AI adoption, softening consumer and corporate spending, and belt-tightening driven by higher costs likely played a role as well.

“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Andy Challenger, chief revenue officer for Challenger, Gray and Christmas, said in a statement.

Belt-tightening is overused corporate jargon, but it is particularly apt at the moment.

Some 30,000 positions will be cut in a belt-tightening move expected to begin on Tuesday, multiple news outlets reported.

The company had already been undergoing scattered instances of belt-tightening.