9 businesses now announce surprising layoffs in Wisconsin after filing WARN notifications with the state’s Workforce Department.
It’s important to note that under the Worker Adjustment and Retraining Notification (WARN) Act, employers with more than 100 full-time workers must provide 60 days’ notice before laying off 50 or more employees at a single site.
These must be filed with the Wisconsin Department of Workforce Development.
So far in 2024, there has been approximately 5,939 employee (WARN) layoffs in Wisconsin across a total of 86 businesses.
The layoffs in the state today are nearing last year’s total of 6,648.
Below is a list of businesses who have advised of upcoming layoffs in Wisconsin:
- Solina USA. 88 job cuts by 12/20.
- Cygnus Home Service dba Yelloh. 78 job cuts by 11/22.
- Mayville Engineering Company, Inc. 43 job cuts by 11/16.
- Equiniti Trust Company. 29 job cuts by 11/19.
- Connexus Credit Union. 16 job cuts by 11/11.
- CNH Industrial America LLC. 52 job cuts by 11/14.
- DHL. 32 job cuts by 2/28/2025.
- Festival Foods. 91 job cuts by 11/4.
- Charter Communications. 36 job cuts by 10/28.
The upcoming layoffs in Wisconsin will affect a total of 465 workers in the state.
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Other Economy News Today
Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.
First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.
US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.
Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.
“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”
Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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