Procter & Gamble (P&G) has announced plans to cut up to 7,000 jobs, approximately 6% of its global workforce, over the next two years. The decision comes as the company grapples with rising tariff-related costs and shifting consumer behavior amid economic uncertainty. CFO Andre Schulten stated that the cuts represent about 15% of P&G’s non-manufacturing workforce and are part of a broader restructuring effort to ensure long-term growth. The company will also discontinue certain products in specific markets, with further details expected in July.
Consumer sentiment in the US has declined for five consecutive months, reaching one of its lowest levels in nearly 75 years. Additionally, the Congressional Budget Office warned that proposed tariffs could increase inflation and reduce household purchasing power. P&G highlighted that tariffs on raw materials and packaging sourced from China have significantly impacted costs, prompting the company to explore alternative sourcing options and consider price increases for some products.
— new from The Guardian
