Two unexpected companies are now laying off in Tennessee according to the latest WARN notices filed with the state.
In a WARN notice filed with the Tennessee Department of Labor and Workforce Development, Maximus Inc., a global health services company, revealed plans to lay off a total of 140 employees from its facility on South Mendenhall Road in Memphis.
The permanent layoffs are scheduled to take effect on July 31, according to the notice.
The second company laying off in Tennessee is Whirlpool Corporation, a renowned appliance manufacturer.
Whirlpool also filed an official WARN Notice with the state agency, notifying them of a permanent layoff consisting of a total of 50 staff members by June 1.
While the specific reasons behind the layoffs were not disclosed, the decisions underscore the ever-changing dynamics of the modern marketplace, where even well-established companies must navigate shifting economic tides and adapt to evolving industry landscapes.
Just recently, an iconic restaurant shuttered its doors.
Owners of Jerry’s Sno Cones announced the sad news that it would be closing its Memphis restaurant.
“It is with a heavy heart that my daughter and I have closed… the original Jerry’s location,” owner David Acklin wrote on Facebook.
“What a nice, wild ride it’s been!”
The closure of the original Wells Station Road branch in Memphis means that only one location remains in Cordova, Tennessee, some 10 miles and a 20-minute drive to the east.
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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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