Compass, Redfin to cut workforces amid U.S. housing slowdown
Compass, Redfin to cut workforces amid U.S. housing slowdown
Abstract
Compass Inc. and Redfin Corp. are cutting their workforces as rising interest rates cool a U.S. housing market that reached a frenzy during the pandemic. Compass will lay off about 10% of its workforce while Redfin will cut about 6%, the companies said in regulatory filings Tuesday. The cutbacks come as the Federal Reserve’s efforts to tamp down inflation push mortgage rates higher, cooling home purchases.
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