More companies are filing WARN warnings informing Arizonans of impending job losses, causing a fresh wave of unannounced layoffs.
The Worker Adjustment and Retraining Notification (WARN) Act requires companies with more than 100 full-time employees to give 60 days’ notice before terminating 50 or more employees at one location. This is an important point to remember.
Newrez is the most recent firm to be informed of employment losses through the Arizona Department of Economic Security.
In all, 78 employees in Tempe are being let go by the corporation.
Newrez is not the only business in Arizona, though, informing employees of impending layoffs this year.
- Arizonan enterprises that are making layoffs are listed below:
- There will be 543 layoffs in Chandler, Northrop Grumman has announced.
- 64 workers of Panera Bread will be laid off as a result of the company’s imminent closure of its Chandler dough-making facility.
- 261 employees of Evernorth Care Group in Scottsdale are being let go.
- In Tucson, TuSimple is terminating employees.
- 546 employees of Tucson’s Kalil Bottling Company are being let go.
- In Phoenix, the All of Us Research Program is terminating 45 employees.
- There are 51 personnel layoffs at Obvio Health.
- Walmart is terminating 74 employees in Phoenix.
- In Phoenix, Savers is letting go of 42 employees.
- In Mohave Valley, Devine Holdings is terminating employees.
Today’s Other Economic News
A fresh wave of unexpected layoffs has now reached Arizona, according to market news today.
Market News Today: Arizona is Now Witnessing a Fresh Wave of Unexpected Layoffs.
SEE MORE –
Dangerous Bell! A Large Company in South Carolina Is Making Currently Layoffs
Now, applications for unemployment benefits are rising to all-time highs, indicating that the blazing job market may be beginning to cool out.
CNN reports that the number of first-time applicants for unemployment benefits increased to 231,000 last week, the most since August.
According to figures released on Thursday, there were 1.78 million continuing claims—that is, applications from persons who had applied for unemployment benefits for at least a week.
The Bureau of Labor Statistics reports that’s a rise of 17,000 over the previous week.
fewer than a week ago, the monthly employment report was released, revealing that the US economy generated a meager 175,000 jobs in April—far fewer than experts had predicted and a sharp decline from previous months.
Compared to 2023’s average of 251,000 jobs per month, US firms have currently added an average of 245,500 jobs each month.
However, hiring is still rather robust. Despite a small increase to 3.9% last month, the unemployment rate has remained below 4% for 27 straight months, a trend last observed in the late 1960s.
Although the weekly data on unemployment claims is sometimes erratic, Chris Rupkey, chief economist of Fwdbonds, said that one week’s worth of data “does not a trend make.”
“If today’s weekly jobless claims are any indication, we can no longer be sure that calm seas lie ahead for the US economy.”
He stated in a letter on Thursday that “layoffs by companies are increasing, suggesting caution on the part of companies as they weigh the outlook for the second half of the year.”
To combat inflation and slow down the economy, the Federal Reserve has been boosting its benchmark lending rate.
Despite 11 rate rises from the Fed, the labor market has remained unusually hot for the past 18 months, defying efforts to calm it down. However, Fed Chair Jerome Powell stated last week that demand has “cooled from its extremely high level of a couple of years ago.”
“We’d need to see at least a month of elevated readings to convince us that the trend really has turned,” Pantheon Economics’ Ian Shepherdson stated in a note on Thursday.
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