Apple putting a lid on hiring

The iPhone maker is looking to limit expenditures and job growth at some of its divisions.

Apple Inc. is the latest major technology company to rein in hiring and spending plans, adding to the evidence that even Silicon Valley stalwarts are worried about a recession in the coming months.

The iPhone maker is looking to limit expenditures and job growth at some of its divisions, Bloomberg reported Monday, though Apple hasn’t adopted a company-wide policy. The more cautious stance mimics the approach of its tech peers, including Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp., which have all taken steps to decelerate spending.

The news sent stocks sliding and increased trepidation surrounding tech earnings season, which goes into full swing this week. It may be difficult for companies to reassure jittery investors. International Business Machines Corp. posted better-than-expected sales growth Monday, only to see its shares slip in late trading.

For now, most of the biggest tech companies aren’t talking about eliminating jobs, just reducing the rate of hiring. And overall US job growth hasn’t stalled. Payrolls increased 372,000 in June, beating the 265,000 estimate, with manufacturing jobs helping bolster the numbers. Read more……

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