A new round of unexpected layoffs now hits North Carolina as more businesses file WARN notices advising upcoming job cuts in the state.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
These are required to be filed with the North Carolina Chamber of Commerce.
A total of five new businesses filed for mass layoffs in North Carolina in May.
They are as follows:
- TRoc laid off 100 people.
- Graphic Packaging International announced they will lay off 65 staff in Randleman on July 20.
- HNI Workplace Furnishings is laying off a total of 221 staff in Hickory.
- Transdev Services will lay off 184 staff in July in Winston-Salem.
- DHL eCommerce will lay off a total of 120 staff in Raleigh in August.
So far in 2024, a total of 34 businesses have filed mass layoff notices in North Carolina with nearly 4,000 people losing their jobs, according to the latest WARN data.
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Also Read: Retirees Will Now Receive More Money For Social Security
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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About The Author
I’m been laid off from work since the last week in January 2024. Dymentrol is the name of the plant I work at in Baldenbor of North Carolina.
Sorry to hear that 😤
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