Microsoft Prepares For Sharp Economic Slowdown

Microsoft ( (MSFT) – Get Microsoft Corporation Report) will hire few people than initially planned in the second half of 2023 as the economy contracts and customers cut back on spending, mirroring the trend of other tech companies.The tech giant said it is focused on keeping key employees as the labor market remains tight. The amount of money that can be allocated for merit increases will grow, CEO Satya Nadella said in May.Microsoft is facing challenges as interest rates rise, inflation rates remain high and economic growth dampens globally.