US media outlets, from the Washington Post to CNN, have been facing tough days, as massive layoffs were announced by various outlets amid increasing fears of economic depression.&nbsp;Vox Media, owner of websites like The Verge and Vox along with the famous New York Magazine as well as its online platform,&nbsp;on Friday announced that they will be laying off seven per cent of its staff. The announcement follows news of similar layoffs at NBC, CNN, Buzzfeed, MSNBC and other outlets.

The staff received a memo on Friday in which Vox Media CEO Jim Bankoff announced "the difficult decision to eliminate roughly seven per cent of our staff roles across departments due to the challenging economic environment impacting our business and industry”.&nbsp;

ALSO READ | <a href="https://www.wionews.com/technology/google-cuts-12000-jobs-6-of-global-workforce-554451">Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay</a>

The memo stated that the company will notify the employees who have been affected by the layoffs, which means 130 out of 1,900 staff members of the group will be fired, as per the AFP's report.

Award-winning journalist Meghan McCarron, who has been working for more than nine years at Eater, which is Vox Media's food website, on Friday tweeted that she was also being laid off while she is 37 weeks pregnant.

"My partner and I are so excited to become parents," posted McCarron. "I can’t really process the amount of uncertainty we’re now facing," she stated.

A spokesperson of Vox said that "competitive severance packages" are being offered which include extra severance pay for the employees with "a near-term upcoming parental leave planned."

WATCH | Gravitas: The impact of Silicon Valley layoffs on Indian Techies

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Journalists who are being fired from other media outlets also took to Twitter to express their dismay, anger or even gratitude to their office colleagues, as they started the hunt for a new job.

"I’ll be figuring out my next move. I’m a data reporter but I also write and produce," Emily Siegel, who was fired after working for five years as NBC's investigative reporter, tweeted. "I’d love to keep doing this work. My (direct messages) are open,” she added.&nbsp;&nbsp;

(With inputs from agencies)

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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US media outlets, from the Washington Post to CNN, have been facing tough days, as massive layoffs were announced by various outlets amid increasing fears of economic depression.

US media outlets, from the Washington Post to CNN, have been facing tough days, as massive layoffs were announced by various outlets amid increasing fears of economic depression. Vox Media, owner of websites like The Verge and Vox along with the famous New York Magazine as well as its online platform, on Friday announced that they will be laying off seven per cent of its staff. The announcement follows news of similar layoffs at NBC, CNN, Buzzfeed, MSNBC and other outlets. The staff received a memo on Friday in which Vox Media CEO Jim Bankoff announced "the difficult decision to eliminate roughly seven per cent of our staff roles across departments due to the challenging economic environment impacting our business and industry”. ALSO READ | Google joins layoff spree, slashes 12,000 jobs across world, offers 16 weeks’ severance pay The memo stated that the company will notify the employees who have been affected by the layoffs, which means 130 out of 1,900 staff members of the group will be fired, as per the AFP's report. Award-winning journalist Meghan McCarron, who has been working for more than nine years at Eater, which is Vox Media's food website, on Friday tweeted that she was also being laid off while she is 37 weeks pregnant. "My partner and I are so excited to become parents," posted McCarron. "I can’t really process the amount of uncertainty we’re now facing," she stated. A spokesperson of Vox said that "competitive severance packages" are being offered which include extra severance pay for the employees with "a near-term upcoming parental leave planned." WATCH | Gravitas: The impact of Silicon Valley layoffs on Indian Techies Journalists who are being fired from other media outlets also took to Twitter to express their dismay, anger or even gratitude to their office colleagues, as they started the hunt for a new job. "I’ll be figuring out my next move. I’m a data reporter but I also write and produce," Emily Siegel, who was fired after working for five years as NBC's investigative reporter, tweeted. "I’d love to keep doing this work. My (direct messages) are open,” she added. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

US media faces massive layoffs amid fears of economic depression

The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs paralyzed factory output.

Asia's fourth-largest economy shrank by a seasonally adjusted 3.3% in the June quarter from three months earlier, the Bank of Korea said on Thursday. That is the sharpest contraction since the first quarter of 1998 and steeper than a 2.3% contraction seen in a Reuters poll.

That took the year-on-year contraction in gross domestic product to 2.9%, the worst since the fourth quarter of 1998 and also underperforming a 2.0% decline seen in the poll.

Exports, which account for nearly 40% of the economy, were the biggest drag on growth, dropping by 16.6% on-quarter to mark the worst reading since 1963.

Construction investment fell 1.3% quarter-on-quarter, while capital investment declined 2.9%.

Output from manufacturing and service sector fell by 9.0%, and 1.1%, respectively.

One saving grace has been a 1.4% gain in private consumption from three months earlier, thanks to government cash handouts that boosted spending on restaurants, clothes and leisure activities.

Finance Minister Hong Nam-ki said the economy is likely to rebound from the third quarter.

"It's possible for us to see China-style rebound in the third quarter as the pandemic slows and activity in overseas production, schools and hospitals resume," Hong said at a policy meeting on Thursday.

The government has rolled out about 277 trillion won ($231 billion) worth of stimulus to fight the economic fallout from the pandemic so far. However, policymakers have little control over the global demand for the country's exports, which includes everything from memory chips to cars to petrochemical products.

"The worst seems to be over. The base effect and (fiscal injection) from supplementary budget will improve investment," said Park Sang-hyun, an analyst at HI Investment &amp; Securities.

For the whole of 2020, analysts see the economy declining by a median 0.4%, which would be the first and largest contraction since 1998. But the International Monetary Fund estimates an even bigger 2.1% contraction.

Last week, the BOK's governor said a downward revision from its previous projection of a 0.2% decline for 2020 was inevitable.

The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs paralyzed factory output.

The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs paralyzed factory output. Asia's fourth-largest economy shrank by a seasonally adjusted 3.3% in the June quarter from three months earlier, the Bank of Korea said on Thursday. That is the sharpest contraction since the first quarter of 1998 and steeper than a 2.3% contraction seen in a Reuters poll. That took the year-on-year contraction in gross domestic product to 2.9%, the worst since the fourth quarter of 1998 and also underperforming a 2.0% decline seen in the poll. Exports, which account for nearly 40% of the economy, were the biggest drag on growth, dropping by 16.6% on-quarter to mark the worst reading since 1963. Construction investment fell 1.3% quarter-on-quarter, while capital investment declined 2.9%. Output from manufacturing and service sector fell by 9.0%, and 1.1%, respectively. One saving grace has been a 1.4% gain in private consumption from three months earlier, thanks to government cash handouts that boosted spending on restaurants, clothes and leisure activities. Finance Minister Hong Nam-ki said the economy is likely to rebound from the third quarter. "It's possible for us to see China-style rebound in the third quarter as the pandemic slows and activity in overseas production, schools and hospitals resume," Hong said at a policy meeting on Thursday. The government has rolled out about 277 trillion won ($231 billion) worth of stimulus to fight the economic fallout from the pandemic so far. However, policymakers have little control over the global demand for the country's exports, which includes everything from memory chips to cars to petrochemical products. "The worst seems to be over. The base effect and (fiscal injection) from supplementary budget will improve investment," said Park Sang-hyun, an analyst at HI Investment & Securities. For the whole of 2020, analysts see the economy declining by a median 0.4%, which would be the first and largest contraction since 1998. But the International Monetary Fund estimates an even bigger 2.1% contraction. Last week, the BOK's governor said a downward revision from its previous projection of a 0.2% decline for 2020 was inevitable.

South Korea enters recession as exports plunge by most since 1963

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