A famous company is now laying off hundreds in Minnesota, resulting in the loss of more than 300 job positions this summer.
Charter Communications, widely recognized as Spectrum, has announced the permanent closure of its customer contact center in Rochester, Minnesota.
This move will result in the layoff of at least 330 employees, starting on August 15.
The company has officially notified the Minnesota Department of Employment and Economic Development with a Worker Adjustment and Retraining Notification (WARN) letter about the impending closure.
A Charter spokesperson said operations will be transitioned to different locations in the U.S.
Employees from the Rochester location have the option to transfer with relocation benefits, and those who don’t will get severance benefits.
“Our goal is to retain as much talent and experience as possible,” Charter Communications said.
No employees from the Rochester location were union members, and Charter does not recognize “bumping rights,” which allow employees to replace other employees based on seniority.
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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 Layoff in Virginia
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Dan! You are absolutely correct! Wally Walz, Homer Omar, Obiden and ALL other DEMONcrats need to go!
Why don’t these people understand that the only reason the unemployment rate has been “low” is because so many people dropped out of the workforce to get the “free” money associated with the pandemic and, while still not working, haven’t qualified for unemployment benefits, applications for which is how they calculate the unemployment rate.
Try calling it the “people not working rate”…more like 50 percent…which is why there are so many job openings. Few to none have been created, more like still struggling to refill since Covid!
Way to go walz and dfl….you have pushed an evil agenda so dont be surprised if more dont leave….but we have a new flag (doesnt represent me) and people come here to murder their babies and get gender reassignments…minneslowta nice!
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