As the stock market sputters, and interest rates rise with efforts to curb inflation and stave off recession, at least two of the hottest economic sectors —tech and residential real estate —  are facing layoffs and/or slow downs in recruitment. 

Marketwatch reported yesterday that “thousands of layoffs in the tech sector, compounded by hiring freezes and a slowdown in hiring, highlight the abrupt shift in fortunes over the past several months as a result of rampant inflation, fear of stagflation and recession, supply-chain interruptions, the war in Ukraine, an ailing stock market and other red-alert economic factors. The latest blows came Tuesday, when Coinbase Global Inc. COIN, -8.09% announced an 18% layoff of about 1,100 people and real-estate brokerage Redfin Corp. RDFN, -9.28% said it would reduce head count by about 470 people, or 6% of its workforce.”

At residential real estate firm Compass, 450 of its 4,500 employees will be cut, “due to the clear signals of slowing economic growth,” according to a spokesperson’s statement. The layoffs come in business divisions across the company, but won’t include agents, the company said. In addition to the layoffs, the company said it is pausing hiring, expansion and mergers and acquisitions until the end of 2022, CNN reported. 

The automotive sector may be facing downsizing as well. Stellantis, formerly known as Fiat Chrysler Automobiles, plans indefinite layoffs at its Sterling Stamping Plant in Sterling Heights, Michigan beginning next week.

Spokeswoman Ann Marie Fortunate said the company is not disclosing how many workers will be affected.

“In order to operate the plant in a more sustainable manner, Stellantis confirms that there will be indefinite layoffs at the Sterling Stamping Plant in Sterling Heights, Michigan, effective June 20,” according to a company statement as reported in the Detroit Free Press.