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Job Cuts at MGM, Coca-Cola, Boeing Herald Economic Pain Ahead

  • Job losses surpass 200,000 at global firms; more to come
  • Furloughs may turn into permanent cuts amid fragile recovery
A member of staff prepares gambling chips at am MGM casino resort.

A member of staff prepares gambling chips at am MGM casino resort.

Photographer: Anthony Wallace/AFP via Getty Images

Global corporations have announced more than 200,000 job cuts or buyouts in recent weeks, a worrying sign that more losses will come as furloughs implemented early in the pandemic turn into permanent layoffs.

MGM Resorts International and Coca-Cola Co. were the latest examples on Friday, joining an increasing number of companies that are trimming their workforce after economies emerged from shutdowns. Almost a quarter of U.S. workers that were temporarily laid off probably won’t come back, according to Goldman Sachs Group Inc. estimates.