What's responsible for large rounds of job cuts? Economic downturns? Secular changes in industry due to technology, or shifts in consumer taste? Cuts to government subsidies? All of those, sure. But a huge number of job losses are also the result of the poor quality of management decisions by business executives too incompetent, too lazy or too timid to do their highly remunerated jobs properly.
The result is that employees, suppliers and contractors are the first to feel the pain and the higher you go in a company, and the closer you get to actual decision-makers, the further away from financial and other pain you get.