Amazon reportedly preparing to cut as many as 30,000 jobs

Amazon is preparing massive layoffs potentially affecting tens of thousands of employees, multiple outlets reported Monday.

Why it matters: The labor market has been stuck in a nervous equilibrium, where employers weren't hiring but weren't firing either. • That may be changing.

Driving the news: Amazon will lay off as many as 30,000 corporate employees starting Tuesday, Reuters reported. • CNBC confirmed that layoffs were coming and were likely to be the largest in Amazon's corporate history.

Zoom out: The cuts at Amazon follow reports that Target will also cut 1,000 corporate roles this week and that similar reductions may be coming at Paramount Skydance.

The big picture: The years-long "frozen labor market" has meant that people with jobs mostly kept them, but those without most