Procter & Gamble to cut 7,000 jobs as tariffs weigh on economy
Procter & Gamble plans to shed up to 7,000 white-collar jobs over the next two years as tariffs and economic concerns weigh on sales on consumer goods.
Why it matters: P&G's wide range of brands — including Bounty paper towels, Tide detergent and Old Spice deodorant — makes the company a bellwether reflector of broader economic issues.
The big picture: P&G expects to cut about 15% of its non-manufacturing workforce to boost productivity, CFO Andre Schulten said Thursday at a financial conference.
The move is part of a broader two-year restructuring program which includes P&G potentially exiting certain brands and products, though Schulten declined to specify which ones might be cut.
Between the lines: Tariffs are driving higher costs, which are weighing on consumer demand.
There's been "a deceleration because of uncertainty in the consumer space, all of the tariff conversations, geopolitical uncertainty," Schulten said.
The company's organic sales growth of 2% for the first three quarters of the 2025 fiscal year would be the lowest rate of full-year growth since at least 2018.
P&G had already signaled in April that it would likely raise prices, as well.
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