Costco says it will cut 4,000 jobs in U.S. and Canada
Costco has laid off about 4,200 workers in the U..
S., Canada and Mexico, the company announced Thursday.
The company said in a statement that it is in talks with several suppliers to “determine how to best integrate this strategy with the Company’s ongoing efforts to build a new manufacturing facility in Mexico.”
The layoffs were announced Thursday, as the U.”s.
Federal Reserve and Treasury Department were weighing whether to increase the interest rate the Federal Reserve is currently pumping into the economy.
The Federal Reserve announced Thursday that it will increase the federal funds rate by a quarter of a percentage point this month, to 1.25 percent, from 1.0 percent.
It said the move is aimed at supporting the economy, but will not create inflation.
Treasury Secretary Jacob Lew said Thursday that the Fed is “considering” how to increase its bond purchases.
It was not immediately clear when the Treasury Department would announce any changes.
The cuts were part of a plan announced earlier this year to cut 5,000 positions by 2019, the largest in its history.
The U.s. retail giant has struggled to make a comeback in recent years.
The company has been cutting jobs at the highest rate in decades, as it struggles to compete with Amazon.com Inc and online rivals.
In December, the Federal Communications Commission proposed changes to how the federal government finances its broadcast and cable television broadcasters.
The FCC also called for a greater role for community radio stations.