In Wisconsin, three companies have recently announced unexpected layoffs through WARN notices, indicating upcoming job cuts.
It is crucial to keep in mind that the Worker Adjustment and Retraining Notification (WARN) Act mandates that organizations having over 100 full-time employees must give a notice of 60 days prior to terminating 50 or more employees at one site.
Filing these is mandatory and should be done with the Wisconsin Department of Workforce Development.
In August, Charter Communications will be shutting down one of its facilities in Fond du Lac, resulting in 122 job losses, according to the company’s statement.
In August, a facility owned by Baxter Health Corp will be shutting down.
The unfortunate outcome is that 32 employees based in Milwaukee will be losing their jobs.
Sun Nuclear Corporation recently submitted a notice to the Wisconsin Department of Workforce Development.
According to the company’s announcement, 39 employees in Middleton will unfortunately be laid off due to the closure of one of their facilities.
Wisconsin has witnessed several other companies besides these three also implementing layoffs.
Wisconsin has witnessed several companies reducing their workforce this year. Here are some of the companies that have cut jobs in the state:
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- Concordia University in Wisconsin announced a restructuring that will lead to mass layoffs.
- Mercury Marine, headquartered in Wisconsin, has announced plans to lay off 300 workers due to decreased consumer demand. The layoffs, scheduled to take place through July, are part of the company’s efforts to adjust operations in response to the economic environment.
- Bon Appetit Management laid off 62 staff at a facility in Appleton on June 17.
- Strauss Brands has decided to discontinue production at its Franklin production facility. As a result, the company is permanently reducing the workforce of up to 70 of its employees.
- Ward Manufacturing is closing a facility in Milwaukee, leading to 62 staff losing their positions on August 1
- Sodexo is closing a facility in West Allis on June 30, leading to 50 jobs being cut.
- Walmart is closing a facility in Milwaukee, leading to 105 staff losing their positions on July 26
- JELD-WEN Inc. is closing a location in Hawkins. 338 staff will be laid off on June 10.
- Cadrex Manufacturing Solutions advised they are laying off 30 staff.
- Zoomlion laid off 31 staff at a facility in June.
- Lakeside Book Company laid off 339 staff at a facility in June.
- Staff Management Solutions let go of 87 staff in Sheboygan Falls.
- Sientra also closed a facility in Milwaukee in June, leading to 126 employees being laid off.
Other Economy News Today
The surge in applications for unemployment benefits indicates that the previously booming labor market is beginning to cool off. New highs in unemployment claims are being recorded, and this serves as a clear indication of a shift in the job market.
According to CNN, the number of first-time applications for unemployment benefits increased to 231,000 last week, marking the highest level seen since August.
According to the latest data released on Thursday, 1.78 million individuals have filed for continuing claims, which refers to those who have applied for unemployment benefits for a minimum of one week.
According to the Bureau of Labor Statistics, there has been an increase of 17,000 from the previous week.
Just last week, the monthly jobs report revealed that the US economy fell short of economists’ expectations by adding only 175,000 positions in April. This was a significant decline from previous months. The most recent figures released come in light of this news.
In 2021, the average number of jobs added per month by US employers has been 245,500, which is slightly lower than the average of 251,000 per month in 2020.
Despite the slight increase in the unemployment rate to 3.9% last month, the job market remains robust. In fact, it’s worth noting that this marks the 27th consecutive month in which the jobless rate has remained below 4%, a feat that hasn’t been achieved since the late 1960s.
According to Chris Rupkey, chief economist at Fwdbonds, it’s important to note that weekly jobless claims data is often volatile and cannot be used to determine a trend based on just one week’s worth of information. As he puts it, “one week’s worth of data does not a trend make.”
“If today’s weekly jobless claims are any indication, the US economy may no longer be guaranteed to have calm seas ahead,” warns the author.
On Thursday, he noted that the increase in company layoffs suggests that businesses are becoming more cautious as they evaluate the forecast for the latter half of the year.
In an effort to curb inflation, the Federal Reserve has been increasing its key lending rate in order to slow down the economy.
Despite the 11 rate hikes from the central bank, the labor market has remained white hot for the past 18 months, resisting all efforts to cool it down. However, according to Fed Chair Jerome Powell, demand has recently cooled from its extremely high level of a couple of years ago.
In a note on Thursday, Ian Shepherdson from Pantheon Economics stated that it would take at least a month of consistently high readings to persuade them that the trend has truly shifted.
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An announcement about unexpected layoffs in Virginia has been made by a giant company. This news has come as a surprise to many and has caused concern among employees.
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