Vox Media has announced a round of layoffs amid rocketing inflation and growing concern about an approaching recession.

The company will lay off at least 39 employees and will slow down hiring for the foreseeable future. Vox Media CEO Jim Bankoff addressed staff about the layoffs, citing a sagging economy and the need to make preparations to weather the economic storm ahead.

CNBC obtained a copy of the memo.

“The current economic conditions are impacting companies like ours in multiple ways, with supply chain issues reducing marketing and advertising budgets across industries and economic pressures changing the ways that consumers spend,” Bankoff wrote in the memo obtained by CNBC. “Our aim is to get ahead of greater uncertainty by making difficult but important decisions to pare back on initiatives that are lower priority or have lower staffing needs in the current climate.”

On Wednesday, Federal Reserve Chairman Jerome Powell told the media he does not believe the United States is currently in a recession.

It is becoming harder and harder to believe the sentiment as major companies like Vox start to batten down the hatches. Given the recent rate hike, it is likely America will start seeing more major companies tightening up operations and freezing hiring as we move into the new year.