Unexpected layoffs in Ohio are now rising this year according to a new report that reveals job cuts have more than doubled compared to last year.
A report by Challenger, Gray & Christmas has revealed that the number of layoffs in Ohio during the first five months of 2024 has more than doubled compared to the same period in 2023.
The report indicates that nearly 16,000 workers in Ohio have been laid off since the beginning of the year, a staggering figure that stands in stark contrast to the less than 8,000 job losses recorded during the same period last year.
The month of May, in particular, witnessed a significant spike, with over 9,000 Ohioans losing their jobs.
Andrew Challenger, the firm’s vice president, offered insights into the driving forces behind these job cuts.
“Employers across the board are citing vague reasons for cutting jobs, but we know artificial intelligence and the disruption that follows is the cause, at least in part, for many companies’ plans.
The disruption is impossible to refute.
That said, other economic factors are also at play in many of these announcements,” he stated.
Below is a list of just a few notable businesses that laid off in Ohio during the first quarter of this year:
- FCA US LLC. 1,225 job cuts.
- Zulily. 274 job cuts.
- GXO Logistics. 192 job cuts.
- Ardagh Metal Packaging. 110 job cuts.
- Amazon. 90 job cuts.
- Multi-Color Corporation. 86 job cuts.
- Xellia Pharmaceuticals. 80 job cuts.
- Syncreon America, Inc. 68 job cuts.
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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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