Layoff is used correctly here. What gets on my nerves is when the companies talk about "impacted employees" instead of "laid off employees", as it if had been a meteorite.

Because being fired means the employee(s) did something wrong. I've been laid off but never fired.

Because they are not being fired?

I’ve always taken fired to mean someone was let go individually for cause. Laid off means they’ve lost their job for reasons other than performance or individual actions.