Walmart corporate layoffs add to signs of slowing job market

Walmart is conducting corporate layoffs and restructuring, in another sign pointing to a slowdown in the job market and the American economy.

Walmart described the move as an effort to reorganize itself. In a statement, spokesman Jimmy Carter said

It will invest more in e-commerce, technology, health and wellness, supply chain and advertising sales

The statement said, while also creating new roles in services for customers and suppliers.

Its announcement comes as the U.S. job market is cooling. Companies are reducing the pace of new hires.

Consumers are spending less on nonessential goods amid rising fuel and food costs.

Walmart cut its quarterly and full-year profit outlook last week, spooking investors and sending its stocks into an 8 percent tumble at one point.