Zoom is laying off 1,300 workers, adding to tech industry cuts

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

The parade of tech company layoffs continued Tuesday with Zoom announcing 1,300?job cuts, amounting to 15% of its workforce.

The popular videoconferencing provider beefed up staffing when its service became a must-have for Americans working from home during the pandemic. But Zoom CEO Eric Yuan wrote to employees that the company needs to adapt to the “uncertainty of our global economy.”

Since the start of the year, about 300 tech companies have laid off nearly 100,000 workers.

Auto insurance prices rise sharply

Inflation may be easing but you won’t find relief in car insurance prices.

Drivers nationally are spending an?average of $2,014?on auto insurance premiums this year, up 14% from 2022, according to Bankrate. By comparison, consumer prices overall were up 6.5% annually in December.

An American with an average yearly income of $68,852 is spending 2.93% of it on car insurance, up from 2.57% last year.

???Recall alert???

Honda is recalling?about 115,000 vehicles because the back-up video camera image might not appear on the dashboard display.

Affected are 2018-2020 Honda Fit Hatchbacks and 2019-2022 Honda HR-V SUVs, according to the U.S.?National Highway Traffic Safety Administration.

Colgate-Palmolive is recalling 4.9 million bottles of its Fabuloso Multi-Purpose Cleaner for potential of infection from bacteria. (You can read or share the story in Spanish.) The cleaning product, used to clean most residential hard surfaces and sold in various sizes and scents, was sold from December 2022 to January 2023 for $1-$11 at Amazon.com and other online sites. Affected products were also sold at Dollar General, Family Dollar, The Home Depot, Sam’s Club, Walmart, and other major U.S. retailers nationwide, according to recall posted by?Consumer Product Safety Commission.

You can check our curated recalls database for details on more products you should know about.

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