The Daily Money: Zoom is laying off 1,300 workers, adding to tech industry cuts

It’s Paul Davidson here to bring you Wednesday’s top new stories.

The parade of tech company layoffs continued Tuesday with Zoom announcing 1,300 job cuts, amounting to 15% of its workforce.

The popular videoconferencing provider beefed up staffing when its service became a must-have for Americans working from home during the pandemic. But Zoom CEO Eric Yuan wrote to employees that the company needs to adapt to the “uncertainty of our global economy.”

Since the start of the year, about 300 tech companies have laid off nearly 100,000 workers.

Auto insurance prices rise sharply

Inflation may be easing but you won’t find relief in car insurance prices.

Drivers nationally are spending an average of $2,014 on auto insurance premiums this year, up 14% from 2022, according to Bankrate. By comparison, consumer prices overall were up 6.5% annually in December.

An American with an average yearly income of $68,852 is spending 2.93% of it on car insurance, up from 2.57% last year.

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Recall alert

Honda is recalling about 115,000 vehicles because the back-up video camera image might not appear on the dashboard display.

Affected are 2018-2020 Honda Fit Hatchbacks and 2019-2022 Honda HR-V SUVs, according to the U.S. National Highway Traffic Safety Administration.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.